- Siemens AG SIEGY plans to invest $54 million in existing and new sites in Texas and California that develop electrical equipment for critical infrastructure systems, including EV charging, data centers, and industrial installations.
- The investment also encompasses a soon-to-be chosen manufacturing location for EV charging equipment, spurring domestic manufacturing of Level 2 charging.
- The company expects the expansion to bring ~300 new jobs, with more to come across its regional supply chains.
- "This commitment from Siemens proves the ripple effect that infrastructure investment can have to support well-paying, high-skilled jobs for workers not just in one city or state, but in communities across America," said Barbara Humpton, CEO of Siemens USA.
- Price Action: SIEGY shares closed lower by 2.41% at $67.09 on Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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