Siemens, a multinational conglomerate, plans to invest over $290 million in US critical infrastructure. This includes a $150 million investment in a new facility in Dallas-Fort Worth. The goal of the investment is to expand the production of critical electrical infrastructure equipment and support the electrification of data centers, battery plants, semiconductor facilities, and EV charging. The total investment of $510 million is expected to create 1,700 jobs in the US. Siemens' CEO, Roland Busch, stated that this investment aligns with the company's global strategy to boost growth, innovation, and resilience. The investment comes at a time when US manufacturing is experiencing a resurgence, supported by President Joe Biden's Investing in America agenda. In 2022, $55.2 billion was spent on new direct investments in the US manufacturing sector, with the largest amounts going into chemical manufacturing and machinery. Europe was the leading contributor to FDI in the US, accounting for 57.4% of new investments in 2022 [15dfbac3].
Siemens also plans to invest $150 million in a new plant in Fort Worth, Texas. The plant will focus on the production of low-voltage switchboards and switchgear, which will be used to power American data centers and critical infrastructure. The investment is part of Siemens' commitment to invest over $500 million in US manufacturing for critical infrastructure this year. The company aims to create up to 715 full-time jobs by the end of 2026, with an average salary of $63,000. Siemens' president and CEO, Roland Busch, stated that the investment will support the growth of industries and contribute to decarbonizing operations. In addition to the investment in Fort Worth, Siemens announced a global investment strategy of €2 billion ($2.12 billion) in education centers, innovation labs, and high-tech factories across the world [15dfbac3].
Iteris, a smart mobility infrastructure management technology provider, has been awarded a five-year indefinite delivery/indefinite quantity (IDIQ) contract by the Texas Department of Transportation (TxDOT) San Antonio District valued at up to $3 million. This marks Iteris's third IDIQ agreement with TxDOT San Antonio District, bringing the total value of contracts to $8 million over the past six years. The contract aims to reduce traffic congestion, improve safety, and increase sustainability in a twelve-county area. Iteris will develop construction level plans, deploy smart mobility solutions, and provide infrastructure support and traffic signal operations.
OSI Systems, a provider of specialized electronic systems for security and inspection, has been awarded a $100 million contract to supply cargo and vehicle inspection systems internationally, along with maintenance services and training. The contract reflects the trust that their partners place in their technology and customer service, according to OSI Systems' Chairman and CEO, Deepak Chopra. The company has over four decades of experience in electronics engineering and manufacturing and operates offices and production facilities across multiple countries. The specifics about the international partner or the exact nature and quantity of systems to be provided were not disclosed.
Canada Pension Plan Investment Board (CPP Investments) has committed $450 million to support the growth of Ontic, a leading provider of original equipment manufacturer (OEM) licensed parts and repair services for established aerospace technologies. CVC Capital Partners, Ontic's current financial partner, will remain invested in the business. Ontic manufactures and assembles a portfolio of over 8,000 flight-critical systems and products. The transaction is expected to complete by year-end 2024 [f183fcea].
Quebec Premier François Legault announced an additional investment of $300 million into producing Airbus A220 aircraft. The government of Quebec will maintain its 25% stake in Airbus Canada and postpone its exit from investments until 2035. Airbus will invest $900 million in the program. The multinational currently employs 4,000 people in Quebec, including 3,500 in A220 production [2acc3be2].
Airbus and the Government of Quebec are jointly investing $1.2 billion in Airbus Canada Limited Partnership (Airbus Canada), extending their partnership until 2035. The investment focuses on the industrialization and continuous improvement of Quebec’s A220 commercial aircraft program. Airbus will invest up to $900 million, and the Government of Quebec will invest up to $300 million through Investissement Québec. The redemption date for the Government of Quebec’s equity interest has been extended from 2030 to 2035. The goal is to deliver 14 aircraft per month by 2026. Premier François Legault and Minister of Economy, Innovation and Energy Pierre Fitzgibbon attended the press conference announcing the investment. [d0c3e991]