Siemens says it will invest $121 million in Net firm

Home > Business > Industry

print dictionary print

Siemens says it will invest $121 million in Net firm

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

More in Industry

Not your average churned milk

I scream, you scream, pandemic boosts sales of ice cream

Hyundai, Naver heads offer their visions for Moon's New Deal

Vehicle exports fell 33 percent in first half

'It's never too early to start preparing for 6G,' says Samsung Research head

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now