Yahoo Finance Apple to invest €1bn in new German 5G campus
Apple (AAPL) has announced plans to invest €1bn (£860m, $1.2bn)over the next three years building a new campus and development hub in Munich, Germany.
The technology giant said in a statement on Wednesday that it planned to create a new "European Silicon Design Center" in the Bavarian capital that will focus on 5G technology and the future of wireless.
Apple first opened an office in Munich in 1981 and already employs 1,500 people in the south German city, making it Apple's largest engineering hub in Europe. The iPhone maker said the investment plans announced on Wednesday would add hundreds of new jobs.
"I couldn’t be more excited for everything our Munich engineering teams will discover — from exploring the new frontiers of 5G technology, to a new generation of technologies that bring power, speed, and connectivity to the world," chief executive Tim Cook said in a statement.
Watch: Apple Is Discontinuing the iMac Pro
“Munich has been a home to Apple for four decades, and we’re grateful to this community and to Germany for being a part of our journey.”
READ MORE: European stocks open lower after tech rally on Wall Street
Apple said the investment would create "Europe’s largest R&D site for mobile wireless semiconductors and software." A new 30,000 square foot facility powered by renewable energy will be constructed as part of the expansion. Teams will begin moving into the new building late next year.
Apple already has over 4,000 employees in Germany and the company said it has spent €15bn working with German companies over the past five years.
The new research and development hub comes amid a push to capitalise on the potential of 5G technology, which is seen as a transformational new connectivity tool. Apple unveiled its first 5G connected phones last October.
Watch: Nasdaq surges as tech stocks bounce back
