Siemens AG pledges commitment to UK despite ‘unclear’ Brexit

Bloomberg

Siemens AG says it’s going to
continue to invest into its London and UK operations despite
the “unclear” future following Britain’s decision to leave the European Union. Siemens UK Chief Executive Officer Juergen Maier, visiting Berlin with Rajesh Agrawal, London’s deputy mayor for business, said London specifically is an important part of the future for Europe’s largest engineering company.
“While the exact terms of the UK’s exit from the European Union are unclear, we are committed to London in the long-term,” Maier said in a statement. “London remains a leading center for innovation and technology and we see many opportunities for collaboration on talent, digitalization and investment.”
Siemens didn’t announce any new spending or projects in the UK, but noted its current investments, like a rail project set to deliver 1,400 carriages in London, and its global center for sustainable city technology, located in the UK capital. The comments come as companies grapple with how to plan for a future where the UK is no longer part of the EU. Nine months after Britain voted to leave the bloc, Prime Minister Theresa May is planning to begin the divorce proceedings with the EU on March 29.
Siemens competitor Schneider Electric SA is preparing job cuts in Britain amid an uncertain outlook for construction and infrastructure markets, while JPMorgan Chase & Co. is scouting ways to move operations out of the country. For Walldorf, Germany-based SAP, Brexit can create “minor nuisances” including crimped IT spending by customers, more difficulty relocating employees, and tweaks to the local accounting rules embedded in its software, chief financial officer Luka Mucic said this month.
Conversely, Deutsche Bank announced on Friday it would sign a long-term lease on new UK headquarters in London.