Siemens to Open Technology Hub in Goerlitz, Germany

Date : 07/15/2019 @ 3:29PM
Source : Dow Jones News
Stock : Siemens AG (SIE)
Quote : 103.62  0.42 (0.41%) @ 2:07PM
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Siemens to Open Technology Hub in Goerlitz, Germany

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   By Kim Richters 
 

Germany's Siemens AG (SIE.XE) said Monday that it will open an "innovation campus" and a startup accelerator at its industrial steam-turbine plant in Goerlitz, Germany.

The industrial group will also team up with the research institute Fraunhofer-Gesellschaft to create a hydrogen-technology research laboratory at the company's site, it said.

Siemens and the research institute will invest around 30 million euros ($33.8 million) in the development, according to the company.

In November 2017, Siemens originally announced the closing of its turbine plant in Goerlitz amid a series of job cuts and restructuring to boost competitiveness in its power-and-gas division, but decided against it one year later.

 

Write to Kim Richters at kim.richters@wsj.com

 

(END) Dow Jones Newswires

July 15, 2019 10:14 ET (14:14 GMT)

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