(24 Apr 1997) Eng/Ger/Nat
The giant German electronics company Siemens has warned it may scrap further investment in the U-K unless Britain joins the single Euro currency.
The warning came as British Prime Minister, John Major visited the Siemens plant in Newcastle in north east England, Thursday, where he shrugged off the threat made by the German company.
Siemens is ranked sixth in the list of global electronics companies, and its investment in the U-K which began in December 1995, is worth 1-point-6 billion (b) U-S dollars, making it the biggest European investor in Britain.
With the election just a week away Prime Minister John Major was in Newcastle touring the electronics giant Siemens.
The visit coincided with a veiled threat to the British premier.
Siemens made it clear that further investment in Britain, would be threatened if the U-K did not enter the single European currency.
The company is strongly behind a more united Europe and after investing 1-point-6 billion (b) U-S dollars (£1.1 billion) in the U-K leading to the creation some 15-hundred jobs, they also have clout.
The economy was expected to be the central theme for Major's election message.
But the Conservatives plans were thrown into disarray following comments made by a senior management figure at the company.
Siemens warned Britain should be cautious of rejecting union with Europe, especially over the single currency issue.
SOUNDBITE: (English)
"We are fundamentally a European company, we're developing from a European base to be a major global world player in many different markets. It follows that what we want is a very close involvement in Europe and that doesn't mean to say that Britain shouldn't be in Europe at any price, but it does mean that we favour that particular approach and would very much like to see Britain not sidelined."
SUPER CAPTION: Llew Aviss, Director of Personnel for Siemens Micro-Electronics
And when asked if they would review their investment in the U-K if the country did not join the single currency, a spokesman agreed they would have to consider their position.
SOUNDBITE: (English)
"Well its possible that it would impact our future investment. It's not going to concern us, what we're committed to already but that is a possibility and we would have to consider the matter in the light of any such decision."
SUPER CAPTION: Llew Aviss, Director of Personnel for Siemens Micro-Electronics
The German giant is the sixth largest international electronics company, and see their future in a bigger and more united Europe.
This point was reinforced by Siemens Finance Director.
SOUNDBITE: (German)
"There is a statement from Siemens saying that England should stick to with the European Community and the single currency. This is very important, it is the basis for any international investment."
SUPER CAPTION: Heinrich Hamann, Finance Director for Siemens Micro-Electronics
But Major was unruffled by these warnings.
SOUNDBITE: (English)
"Well Siemens have shown their determination to invest in this country in the most practical way possible. We're actually here looking at it, an absolutely huge investment, not for one reason but for a whole range of reasons in the United Kingdom. And it isn't an accident, that into the United Kingdom at the moment we are getting more investment than any other nation in Europe, indeed pretty much, as much as the rest of Europe added together."
SUPER CAPTION: John Major, British Prime Minister
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