DAVOS, Switzerland—German industrial conglomerate Siemens AG is investing $132.6 million in research and development efforts at its gas turbine plant in the Montreal suburbs.
Following initial talks in Munich last summer, the company’s CEO Joe Kaeser announced the investment alongside Quebec Premier Philippe Couillard Jan. 20 at the World Economic Forum in Davos, Switzerland.
“This agreement allows us to bring our expertise and know-how in these areas to Québec, and to improve the competitiveness of our plant in Dorval,” Kaeser said in a statement.
The research and development project will focus primarily on improving the company’s aero-derivative gas turbines, which are used to produce backup electricity. Meanwhile, Siemens also plans to invest $22 million to launch an Industry 4.0 platform.
Quebec will loan the company $20 million as part of the agreement, while Siemens will be responsible for investing the remaining funds.
The German company employs 1,500 in Quebec at plants in Dorval, Drummondville and Trois-Rivières.