Photo: Alamy
As President Donald J. Trump secures over $1 trillion in foreign investment during his trip to the Gulf region, several major U.S. companies are announcing significant new investments on the domestic front, according to a White House report on Thursday.
In a series of announcements this week, leading firms pledged to pour billions of dollars into U.S.-based manufacturing, research and development and workforce expansion in moves that administration officials are touting as signs of renewed industrial growth under Trump’s “Golden Age” policies.
Among the investments noted in the White House report, pharmaceutical company Sanofi revealed plans to invest at least $20 billion over the next five years to expand its manufacturing capabilities and advance research and development efforts in the United States.
“Sanofi’s 13,000 US-based employees are pioneering the research and development of first- and best-in-class medicines across numerous therapeutic areas. Our expected investments in the US will be substantial and will help ensure the production of key medicines in the US,” Sanofi CEO Paul Hudson wrote in a statement.
Food industry leader Kraft Heinz announced a $3 billion investment to modernize its U.S. factories, marking the company’s most substantial investment in domestic plant infrastructure in decades.
Carrier, a manufacturer of heating and cooling systems, said it will invest $1 billion in American manufacturing and workforce expansion initiatives. The company estimates the move will create 4,000 new jobs.
The White House report also noted that Anheuser-Busch was pledging a $300 million investment in its manufacturing operations across the country.
Siemens Healthineers announced it will invest $150 million to expand production. The funding includes a plan to relocate manufacturing for its Varian subsidiary from Mexico to California, bringing more jobs back to the U.S.
“Our significant U.S. employee base and broad portfolio of innovations are making vital contributions to the American healthcare system. With these new investments we’re further demonstrating our long-term commitment and desire to grow along with the American economy,” Siemens Healthineers President John Kowal said in a statement about the new U.S. investment.