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Posted on April 2, 2012
Cisco Systems Inc. (CSCO) said it will spend more than $1 billion reais ($546.6 million) in Brazil in the next four years to boost manufacturing in the South American nation and step up investment in local startups.
The projects include a “center of innovation” in Rio de Janeiro that will be focused on developing technologies for the 2014 World Cup and 2016 Olympics, as well as other products for the surveillance, education and health care markets, San Jose, California-based Cisco said in a statement today.
“With today’s announcements, we reinforce Cisco’s long- term commitment to Brazil and expect to become a relevant partner in this incredible growth journey the country has been experiencing,” Rodrigo Abreu, president of Cisco’s Brazil division, said in the statement.
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