Localizing R&D and manufacturing for energy sector is priority
Siemens plans to invest up to US$1 billion in Brazil over the next five years.
A large portion of the investment will be focused on the energy sector, the company said in a statement. For instance, Siemens will spend US$60 million on a factory to produce voltage motors and generators for both the domestic market and for export. Production is expected to start in 2014.
Siemens Brazil has invested about US$700 million in capital expenditures and research and development in the country over the last ten years. Currently, Siemens equipment and systems generate 50 percent of the country's electricity and can be found in over 65 percent of all the offshore oil drilling projects implemented over the past ten years.
Source: Breakbulk Online - News Story