Siemens has announced that it will continue to invest in the UK after the country voted to leave the EU, according to news reports.
This comes just weeks after the German manufacturer warned that Brexit would force them to reconsider its future activities in the country after 170 years of UK operations.
In a statement released before the referendum, the company said: “This uncertainty, and threat of increased costs, could make the UK a less attractive place to do business and may become a factor when Siemens is considering future investment here.”
Despite this warning, Siemens chief executive Joe Kaeser said that the UK remained a “good place to do business.”
Speaking at an event at the House of Commons, Kaeser called on soon-to-be Prime Minister Theresa May to clarify UK trade policy in order to calm business fears.
Kaeser reassured employees that a planned £310m (€367.3m) manufacturing hub in Hull, northern England, would proceed as normal.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
The plant would only meet local demand however, added Kaeser, as trade barriers following Brexit could make export to Germany and Denmark uneconomical.