UPDATE 1-Siemens, VW agree diesel joint venture

Newswire

(Adds background, detail) FRANKFURT, March 20 (Reuters) - German electronics and engineering giant Siemens AG said on Thursday it had reached a joint venture agreement with carmaker Volkswagen AG to produce diesel injection systems. The venture, with a planned investment volume of around 270 million euros ($286.6 million), is expected to launch production in the fourth quarter of 2004 and would employ 690 people by mid-2007, Siemens said in a statement. The new company, to be called ...

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