Siemens is further expanding its range of activities in Austria: the Siemens Development Center for Microelectronics, Inc. in Villach is constructing a new center for research and development in Graz, Styria. The Graz research center will primarily be focused on responding to the growing demand for semiconductors.
Siemens based its site selection on Graz's proximity to various educational institutions which maintain close contacts to the business community. Siemens sees an additional plus in Styria's cluster philosophy, part of its economic policy of encouraging and strengthening cooperation among businesses in the region.
Currently, Siemens ranks second in the European semiconductor market and twelfth worldwide. In the new few years, the global market for semiconductors is expected to double, increasing Siemens' revenues in this sector to around ATS 105 billion (US$8.2 billion) by the year 2000/2001.
Overall, the German concern can look back at a successful fiscal year: Siemens grew its revenues 14 percent to ATS 749 billion (US$58.3 billion). The Austrian subsidiary was saw impressive improvement in its results: orders rose 16 percent and revenues rose 14 percent to around ATS 43 billion (US$3.35 billion).
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