France's Schneider Electric announces $700 mn investment in US for AI and energy / Photo: © AFP/File
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NYSE - LSE
France's Schneider Electric announces $700 mn investment in US for AI and energy
French electrical equipment company Schneider Electric said on Wednesday it plans to invest "more than $700 million" in the United States by 2027 to boost energy security and the growth of artificial intelligence.
The company, which generates more than a third of its revenue in the United States, intends to "support the country's focus on bolstering the nation's energy infrastructure to power AI growth, boost domestic manufacturing, and strengthen energy security", according to a press release.
"This new planned investment is expected to create over 1,000 new jobs and help Schneider Electric continue to play a leading role in shaping a more innovative, affordable, and energy-efficient future in the U.S.", it said. The French company already employs 21,000 staff in the country.
Schneider's announcement comes amid President Donald Trump's promise to impose "reciprocal" customs duties on all US trading partners, in the hope of attracting more foreign manufacturers.
"Schneider Electric's significant investment is a clear sign that manufacturing in America is moving forward -- driving economic growth, innovation and job creation across the country," National Association of Manufacturers President Jay Timmons was quoted as saying in the communique.
U.Maertens--VB