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©tom_schmucker-dreamstime.com Electronics Production | March 09, 2012

New Siemens plant in Greece possible

Siemens has settled with the Greek government over alleged corrupt practices. The deal includes a commitment to invest 100 million euros in Greek operations and potentially a new production plant.
According to the Greek Finance Ministry the plant would cost an estimated 60 million euros and create around 700 jobs.

While the Greek cabinet approved the deal, final approval must be give by parliament.

The settlement relates to the governments accusation that Siemens paid millions in bribes to HTO to secure contracts before 2004 as well as to politicians during the period of 1996 and 2004.

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Source: Bloomberg

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