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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.
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(END) Dow Jones Newswires
July 15, 2019 10:14 ET (14:14 GMT)
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