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Siemens says it will invest $121 million in Net firm

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June 16,2004
A senior official of Siemens said yesterday that the company will invest up to 100 million euros ($120.6 million) in research and development at Dasan Networks. Anton Schaaf, president of Siemens’ information and communication networks sector, said that the company will make investments to develop and produce high-speed Internet equipment over a period of five years. The announcement was made at signing ceremony at the Millennium Seoul Hilton which marked Siemens’ takeover of the Korean network equipment maker. Earlier in March, Siemens became the single largest shareholder by purchasing 39 percent of Dasan’s shares. Information minister Chin Dae-je, who also attended the function, said that the investment was a win-win model that posed a great opportunity for a Korean venture to fuse with a global company that had marketing powers and money. “I hope Siemens will actively participate in the next-generation IT infra project that the Korean government is currently pursuing,” he added. by Wohn Dong-hee


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