Siemens has set up an agency to help companies manage their development portfolios and plans to spend $20 million over five years on a “business development management initiative.”
The company said it will focus on developing new products and technologies and will create jobs.
The Business Development Administration will oversee companies with a minimum of $50 million in assets, including technology, business services and other businesses that are needed to support the company’s growth.
The agency will work with businesses, governments and other stakeholders to create a plan for success that is aligned with Siemens strategic priorities and aligns with Siemen’s core values.
The program will be led by the company, with support from the private sector and the U.S. Department of Commerce, and is part of a broader plan to make the U., S.S., and the world a more competitive place for companies.
The company is the second-largest U.K. energy company, and has about 15,000 employees worldwide.
Siemens is also a major investor in Tesla Motors, which is based in Palo Alto, California.