BERLIN, June 19 (Xinhua) -- The German engineering and electronics company Bosch announced its plans to invest over one billion euros in building a new production plant in the east German city of Dresden, Saxony.
"This will be the largest single investment in Bosch's 130-year-old history," Bosch CEO Volkmar Denner said in Berlin on Monday.
Bosch is one of the world's largest provider of electronic sensors measuring movement, pressure or temperature. The company is also strongly involved in the development of new technologies for autonomous vehicles.
The new plant will produce semiconductors for electronic devices linked to the Internet of Things (IoT) and the automotive industry.
The construction of the plant will be finalized by the end of 2019, and the production of semiconductors will commence in 2021. 700 new jobs will be created.
The German government will subsidize the new plant with up to 200 million euros over the next three years, according to Matthias Machnig, State Secretary at the Federal Ministry for Economic Affairs.
