FRANKFURT (AP) -- German industrial conglomerate Siemens AG said Friday it has opened a new plant near Istanbul to produce electric power transmission and distribution products.
The Munich-based company called the new euro100 million ($135 million) plant one of the most advanced in the world, and said it paves the way for more expansion in Turkey and the region. Siemens will move some of its current Turkish operations to the new location over the next three years.
The new factory, which has been nominated for Turkey's first green building certification, uses 25 percent less energy and 50 percent less water than some of Siemens' other Turkish facilities, the company said.
Shares of Siemens rose 5.3 percent to close at euro47.34 in Frankfurt trading.