Cisco Announces $16B China Expansion
Thursday November 1, 6:50 am ET
By Joe Mcdonald, AP Business Writer
biz.yahoo.com
Network Gear Maker Cisco Announces $16B China Expansion in Manufacturing, Venture Capital
BEIJING (AP) -- Network gear maker Cisco Systems Inc. unveiled a multiyear, $16 billion expansion in China on Thursday with investments in manufacturing, venture capital and education.
"We're going to the next chapter for Cisco in China," John Chambers, Cisco's chief executive, said at a news conference.
The ventures include an agreement with Alibaba Group, China's biggest online commerce company, to explore developing business services for small and medium-size companies, Chambers said.
Other initiatives include doubling Cisco's manufacturing in China over the next three to five years, a possible $100 million (70 million euros) venture capital partnership with a government bank and more support for technology education. The company says its manufacturing and purchasing in China already support some 50,000 jobs. |
