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. Last Updated: 07/27/2016

Siemens Grows in U.S.

NEW YORK -- Germany's Siemens AG said it will buy two U.S. data networking companies and invest in a third firm as part of its $1 billion push to expand beyond its core telecommunications business into the fast-growing data and Internet sector.

The long-awaited announcement Monday will help Siemens, the telecommunications and industrial giant, compete against rivals such as Alcatel SA and Lucent Technologies Inc., which already have moved aggressively into the data networking market, analysts said.

Siemens will spend about $300 million to acquire Castle Networks Inc., about $240 million to buy Argon Networks Inc. and about $30 million for a stake in Accelerated Networks.