Creating Jobs and Supporting the U.S. Economy Swiss Direct Investment in the Report 2014 Contents

Ambassador’s Foreword 3 Quick Facts 4 Guest Forewords 5 Swiss Direct Investment Abroad in 2012 6 Switzerland’s Impact on the U.S. Economy 7 Company Profiles 16

2 Ambassador‘s Foreword

The people of Switzerland and the United States have Swiss companies and their American affiliates have always based their nations on the foundations of been among the leading direct investors in the U.S. for democracy, federalism, and a free-market economy. many years. As borne out by all current statistics, they They derive their strength from the shared values of remain committed to their endeavors in the U.S. with personal freedoms, the rule of law, and solidarity. cumulative direct investment totaling $204 billion.

In creating our first constitution, Swiss leaders sought Furthermore, Swiss businesses today support nearly inspiration and guidance from the U.S. Constitution. 450,000 jobs throughout the U.S. From 2009 to 2011, From those earliest days to the present, Swiss immi- they added jobs in 36 states with gains of 100% or grants and their descendants have contributed to the more in Mississippi, North Dakota, Louisiana, New American dream of opportunity and success. Mexico, Wyoming and the District of Columbia. U.S. affiliates of Swiss companies even rank first with re- Some of the most prominent Swiss- include: gard to two important indicators: expenditures for research and development (R&D) and average annual ›› Albert Gallatin, fourth U.S. Secretary of the Trea- salaries of their employees: just below $100,000. sury ›› Louis-Joseph Chevrolet, founder of the Chevrolet With its small population of 8 million, Switzerland Motor Car Company punches well above its weight in the U.S. economy ›› Othmar Ammann, engineer and bridge builder and, given its world leadership in competitiveness and (George Bridge, N.Y.) innovation, will continue to be a reliable partner of ›› Robert Portman, current U.S. Senator and Co-Chair the United States in dealing with the economic and of the Friends of Switzerland Caucus political challenges of our times. ›› Amy Klobuchar, current U.S. Senator and Co-Chair of the Friends of Switzerland Caucus

Swiss businesses have operated in the U.S. for over a hundred years. Their success is rooted in their firm Martin Dahinden belief in entrepreneurship and innovation. Ambassador of Switzerland to the United States of America

3 Quick Facts

Punching way above its weight: Switzerland’s impact on U.S. jobs and the U.S. economy is very significant. 450,000 DIRECT JOBS FINANCE & JOB INSURANCE—58,000 FooD—55,000 160% GROWTH in PARTNERS CHEMICAlS—51,000 R&D—23,000 15 STATES oTHER—263,000 2009–2011

VENDoRS SUPPLIERS f GROWTH 16% % O 1.8 MILLIoN # INDIRECT JOBS JoBS IN All 1 50 STATES AVERAGE SAlARy 100,000 SWITZERLAND’S IMPACT on U.S. Jobs & Economy

8.9 BIllIoN

R&D SPENDING #5 #7 206 # 62 BILLIoN 1 BILLIoN in SAlES +in VAlUE ADDED+

204 #6 BILLIoN CUMUlATIVE INVESTMENT

#4 1.4 ASSETS TRILLIoN TRILLIONS BILLIONS THOUSANDS HUNDREDS

4 Guest Forewords

This year’s numbers demonstrate once more the excel- to work together on innovation and competitiveness. lent economic ties between Switzerland and the Unit- It is not by coincidence that Switzerland and the USA ed States. Data on foreign direct investment of Swiss are both ranked the most innovative and most com- affiliates in the .U S. tell the great success story of our petitive countries in the world. business relationships. In the years since the financial crisis, trade has gone from record to record–in both In the following, you will read the story of a small, directions! Over a two-year period, 2012-2013, Swiss landlocked country in the Alps that has an astonish- exports to the USA grew nearly 20% and Swiss im- ing footprint in the largest economy in the world and ports from the USA grew 25%. And all this in a rather beats many countries boxing in a much higher weight anemic business environment! class.

Foreign direct investments, which due to their long- term effects are an even better characterization of our mutual trust and appreciation, also went from record Martin Naville levels to new record levels. We take pride in our joint CEO success. And we need to find even more opportunities Swiss-American Chamber of Commerce

Foreign direct investment (FDI) in the United States Switzerland and the United States have numerous has played an important role throughout our nation’s close ties to one another, including historical, finan- history. The United States is proud of its robust entre- cial, and familial. Not least among these ties are the preneurial spirit, innovative mindset, and diversity. The robust business relationships that exist between our United States is also proud of its investment regime, two countries. The United States places great value which is open, transparent, and nondiscriminatory. on our continued engagement and cooperation with our Swiss counterparts. Switzerland is the eighth larg- Today, foreign direct investment contributes to the est source of direct investment in the United States U.S. economy across industry sectors and business ac- by country of ultimate beneficial owner (UBO) and tivities in all 50 states. In 2012 alone, the United States the sixth largest investor by country of foreign parent attracted $160.1 billion of foreign direct investment. group. The total stock of FDI in the U.S. economy is valued at nearly $2.7 trillion, making it the largest recipient That is a remarkable position, and one that I am proud of FDI in the world. U.S. operations of foreign-owned to encourage other potential Swiss investors to ex- firms support about .5 6 million jobs, and generate plore more closely through this report. over one-fifth of .U S. annual exports.

Aaron S. Brickman Deputy Executive Director, SelectUSA U.S. Department of Commerce

5 Swiss Direct Investment Abroad in 2012

In 2012, almost one-fifth of all Swiss direct investment abroad went to the U.S., more than twice as much as to Luxembourg, the second largest country desti- nation, and more than thirteen times as much as to China. Overall, Switzerland has the fifth highest rate of foreign direct investment outflows of all OECD coun- tries, ahead of countries such as France, South Korea, Norway and Sweden. The main areas of investment are the financial and insurance sector (39.05%), chem- icals and plastics (24.44%), other manufacturing and construction (10.01%), as well as electronics, energy, optical equipment and watchmaking (7.05%).

Germany, 4.8% Rest of the World, 14.6% France, 2.9% Italy, 2.4%

Brazil, 2.1% Luxembourg, 9.3%

Central & South American Netherlands, 5.7% Financial Centers**, 12.1%

Australia, 1.7% UK, 7.7% Singapore, 1.8% Japan, 1.3% China, 1.4% European Financial Centers*, 3.2% United States, 18.8% Rest of EU, 6.7% Canada, 3.5%

Swiss Direct Investment Abroad in 2012 by country

* Gibraltar, Guernsey, Jersey and the Isle of Man ** Anguilla, Bahamas, Barbados, Bermuda, Virgin Islands (British), Curaçao, Cayman Islands, Montserrat, Panama, Saint Kitts and Nev- is, Saint Martin; as of 2000, including Virgin Islands (U.S.), Antigua and Barbuda, Belize, Dominica, Grenada, Saint Lucia, Saint Vincent and the Grenadines, Turks and Caicos Islands; as of 2011, including Aruba, excluding Bonaire, Saint Eustatius and Saba, Jamaica.

Sources: Swiss National Bank, Statistics 2012, Swiss Direct Investment Abroad–by Country and Swiss Direct Investment Abroad-by Eco- nomic Activity OECD, FDI in Figures, April 2014 6 Switzerland’s Impact on the U.S. Economy

The information presented here reveals the presence and strength of Swiss affiliates operating in the .U S. through various indicators such as their investments and job creation. The statistics show that Switzerland has a notable impact on the U.S. economy and adds to its growth across a range of sectors.

Swiss Cumulative Direct Investment Tops $200 Billion

Swiss companies have a long history of investing in All Others 1. United Kingdom the large and diversified .U S. economy that offers $541 B $487 B extraordinary business opportunities. State and local economic development agencies vie for Swiss invest- ment because it brings skilled, and often highly paid, 8. Germany 2. Japan jobs to their communities. $199 B $308 B Switzerland is the sixth largest investing country in the 7. Luxembourg United States. By the end of 2012, Switzerland had $202 B 3. Netherlands invested $204 billion, accounting for eight percent of $275 B the $2.7 trillion in foreign direct investment (FDI) stock 6. Switzerland in the United States. Switzerland and seven other 4. Canada $204 B countries make up the overwhelming majority of FDI 5. France $225 B in the United States. $209 B

Cumulative Foreign Direct Investment in the United States by Country through 2012

Swiss Direct Investment Flows Peak in 2008 $45.7 B $41.4 B Over the past decade, investment flows from Swit- zerland were exceptionally robust in 2008 and 2010, reaching $45.7 billion and $41.4 billion, respectively. A couple of notable years of disinvestment occurred $19.9 B

in 2003 and 2007. $12.6 B $10.7 B $10.0 B $6.6 B Even though the U.S. government only disclosed Swiss -$3.1 B $1.2 B -$4.3B $0.3 B investment data for two quarters in 2013, estimates 2004 2005 2006 2008 2009 2010 2011 2012 2013 2003 (est.) *Foreign (Swiss in this instance) indicate that Swiss affiliates invested $10 billion in 2007 direct investment in the United the United States for the entire year. Based on that Swiss Direct Investment in the United States* 2003–2013 States measures equity capital estimate, Switzerland would rank among the top ten flows, reinvested earnings, and intercompany debt flows largest foreign direct investors in the United States in between U.S. affiliates and their 2013 flows. parents abroad. 2013 invest- ment flows for Switzerland are estimated because BEA disclosed data for quarter 3 and 4 only. 7 Swiss Affiliates Rank 5th in Value $125.1 B Added

$92.5 B Swiss affiliates make a sizable contribution to the .U S. $84.8 B gross domestic product (GDP), contributing nearly $62 $64.8 B billion in value added to the U.S. economy in 2011. $61.9 B $61.0 B They accounted for eight percent of the $736 billion in value added generated by all foreign affiliates in 2011, placing Switzerland between Canada and France. The traditionally strong Swiss industries of chemicals, fi- nance and insurance made up nearly half of the total value added from Swiss affiliates. *Value added measures the economic contribution of 1. 2. 3. 4. 5. 6. Swiss affiliates from the goods United Japan Germany Canada Switzerland France and services they sell in the Kingdom United States. Top Countries in Value Added* by U.S. Affiliates of Foreign Companies, 2011

Swiss Affiliates Support Nearly 450,000 American Jobs 1. United Kingdom All Others Swiss affiliates create hundreds of thousands of Amer- 943,500 1,511,900 ican jobs. In 2011, 446,300 people were employed by Swiss affiliates in the United States, representing eight 2. Japan percent of the 5.6 million jobs created by all foreign 686,600 affiliates. Switzerland ranks behind three European countries, Japan, and Canada. 7. Netherlands 399,800 3. Germany 581,300 6. Switzerland 446,300 5. France 4. Canada 546,900 Some 450,000 people work directly for Swiss affili- 524,400 ates in the U.S. Through suppliers, vendors, and other business partners, Swiss affiliates indirectly support Top Countries in Employment Supported by U.S. Affiliates of 1.8 million jobs in the U.S. Foreign Companies, 2011

8 Top States in Employment by Swiss Affiliates, 2011

Employment 1. 62,700 2. 38,500 3. 38,300 4. New Jersey 34,100 5. 20,900 6. 20,700 7. 19,100 8. 18,700 9. 17,000 10. Massachusetts 12,700 Employment by Swiss Affiliates, Top States, 2011 11. 10,200 12. 9,200 13. 8,900 14. Virginia 8,500 15. 8,000 15. 8,000

Top States in Job Growth by Swiss Affiliates, 2009–2011

Job Growth 2009–2011 1. Mississippi 160% 2. North Dakota 133% 3. District of Columbia 100% 3. Louisiana 100% 3. New Mexico 100% 3. Wyoming 100% 7. South Dakota 50% 8. Wisconsin 45% 9. Oklahoma 44% 10. Delaware 43% 100%+ Growth 40%-100% Growth 15%-40% Growth 11. Kansas 42% Job Growth by Swiss Affiliates, Top States, 2009–2011 12. Florida 22% 13. Texas 21% 14. 19% 15. Iowa 16%

9 $97,800 Swiss Affiliates’ Average Salary $89,600 Nearly $100,000 $78,900 $78,400 $74,500

Employees at Swiss affiliates earned an average sal- ary (wages + benefits) of $97,800 in 2011, or about $40,000 more than the nation’s private sector average wage of $58,000. Collectively, the payrolls of Swiss affiliates totaled $44 billion in 2011.

Of the seven largest countries by affiliated employ- ment in the United States, Swiss companies paid the highest average salary, surpassing affiliates from Ger- many, France, Japan, and the United Kingdom. 1. 2. 3. 4. 5. Switzerland Germany France Japan United Kingdom Top Countries in Average Salaries by Foreign Affiliates in the United States, 2011

Swiss Affiliates Rank Sixth in 312,100 Manufacturing Employment 270,100 246,400 Switzerland has always been strong in manufacturing. Through Swiss direct investment, U.S. manufacturing 178,100 175,200 benefits from this strength. Swiss affiliates supported 161,900 161,900 manufacturing jobs in the United States in 2011, accounting for eight percent of the 2.1 million U.S. manufacturing jobs from all foreign-affiliated in- vestment.

1. 2. 3. 4. 5. 6. Japan Germany United France Canada Switzerland Kingdom Top Countries in Manufacturing Employment Supported by Foreign Affiliates, 2011 Swiss Affiliates First in Food and Chemicals Manufacturing

All Others Swiss affiliates have made sizable investments in a 32,200 number of manufacturing sectors which support tens Food of thousands of well-paying American manufacturing 54,800 jobs. Four industrial sectors represented 80 percent of Machinery all jobs related to Swiss investment in U.S. manufac- 10,700 turing in 2011. Food manufacturing was the largest at nearly 55,000 jobs. Computers & Electronics 13,000 Swiss investment in the U.S. chemicals industry, which Chemicals covers pharmaceuticals and medicines, supported 51,200 more than 50,000 American jobs in 2011. Swiss affili- ates also accounted for 13,000 jobs in computers and electronic products, which includes semiconductor manufacturing, and almost 11,000 jobs in machinery manufacturing. U.S. Manufacturing Jobs Supported by Swiss Affiliates, 2011 10 80,500 Swiss Affiliates Rank Third in Finance and Insurance Employment 70,100 58,000

Swiss affiliates invest heavily in the .U S. finance and insurance sector. In 2011, they employed 58,000 U.S. 37,500 workers, trailing only Canada and the United King- 32,000 dom.

1. 2. 3. 4. 5. Canada United Switzerland France Germany Kingdom

Top Countries in Finance & Insurance Employment Support- ed by Foreign Affiliates, 2011

Swiss Affiliates Outspend All Other Countries in R&D

1. Switzerland Swiss affiliates bolster the .U S. R&D base. They ac- All Others $8.9 B counted for 20 percent of R&D spending by all foreign $12.5 B affiliates in 2011. Ranked first, Swiss affiliates were ahead of affiliates from Japan, the United Kingdom, Germany, and France. These five countries made up 2. Japan nearly three-quarters of all foreign-affiliated R&D $6.9 B spending in 2011. 5. France $5.1 B 3. United 4. Germany Kingdom $5.5 B $6.4 B

Top Countries in R&D Performed by Foreign Affiliates, 2011

25,600 Swiss Affiliates Third in R&D Jobs 24,500 22,600 Research and development expenditures of Swiss 20,000 affiliates yield thousands of .U S. jobs. In 2011, near- 19,200 ly 23,000 people worked in R&D of Swiss affiliates, placing Switzerland third behind German and British affiliates. They supported more U.S. jobs in R&D than French and Japanese affiliates.

The pharmaceuticals and medicines sector generated the greatest number of R&D jobs, employing more than 10,000 people, the most of any country’s affil- iates in the United States. 1. 2. 3. 4. 5. Germany United Switzerland France Japan Kingdom

Top Countries in R&D Employment Supported by Foreign Affiliates, 2011

11 Swiss Affiliates Export $10 Billion in Exports to Foreign Parent Group

Goods $20.4 B $19.3 B Exports to Other Foreigners

Swiss affiliates bolster .U S. exports. In 2011, their U.S. goods exports totaled $10 billion, representing three percent of the $304 billion exported from all foreign affiliates. U.S. affiliates from seven other countries $9.9 B each shipped more goods to foreign markets than $9.7 B Switzerland.

$8.8 B More than 60 percent of exports from Swiss affiliates 43% $6.0 B $5.7 B were exported back to their affiliate parents in Swit- $4.9 B $5.1 B 25% 61% 59% zerland. In 2011, Swiss affiliates imported $19 billion, 44% with most (84 percent) purchased from affiliates’ par- 5. 6. 7. 8. 9. ents headquartered in Switzerland. France Italy Canada Switzerland South Korea

Top Countries in Goods Exports by Foreign Affiliates, 2011

Swiss Affiliates’ Sales Exceed $200 Billion 1. Japan $571 B Swiss affiliates add to the American economy through All Others sales. Totaling $206 billion in 2011, their sales made $995 B up six percent of the $3.5 trillion in sales by all foreign affiliates. Switzerland ranked seventh behind Japan 2. United Kingdom (with more than one-half trillion dollars in sales), four $494 B other European countries, and Canada. 7. Switzerland Combined sales of Swiss manufacturing affiliates to- $206 B 3. Germany taled $96 billion in 2011, with chemicals at $47 billion. 6. Canada $386 B Finance and insurance, along with wholesale trade, $243 B 4. also represented significant shares of Swiss-affiliated 5. France Netherlands sales. $262 B $354 B

Top Countries in Sales by Foreign Affiliates, 2011

12 Swiss Affiliates Pay Billions in U.S. $8.5 B Income Taxes $7.5 B

$6.4 B Like all companies in the United States, foreign affil- iates pay U.S. income taxes. Swiss affiliates ranked sixth, paying only slightly less than Canadian affiliates $5.1 B $4.6 B $4.5 B in 2011, with both hovering around $4.5 billion. Swiss companies in the chemicals sector paid the most tax- es, totaling nearly $2.3 billion.

1. 2. 3. 4. 5. 6. Japan Germany United France Canada Switzer- Kingdom land

Top Countries in U.S. Income Taxes Paid by Foreign Affili- ates, 2011 Swiss Affiliates Rank Fourth in Assets All Others 1. United Kingdom Swiss affiliates boast significant assets in the United $2.3 T $2.2 T States. Holding $1.4 trillion in assets in 2011, Swiss affiliates ranked fourth behind the United Kingdom, 7. Netherlands Germany, and Canada. 2. Germany $1.0 T $1.5 T Finance and insurance accounted for nearly 85 per- 6. France cent, or $1.2 trillion, of all Swiss-owned assets in the $1.2 T United States in 2011. 3. Canada $1.5 T 5. Japan $1.3 T 4. Switzerland $1.4 T

Top Countries in Total Assets from Foreign Affiliates, 2011

13 Employment by State

Every state in the U.S. benefits from Swiss direct invest- ment and therefore from employment opportunities. In the majority of states, the employment rate of U.S. workers at Swiss affiliates has seen a gradual increase over the years. Some significant figures demonstrate the prosperity of Swiss affiliates by region.

State Employment by Swiss Affiliates, 2009–2011

2009 2010 2011 2009–2011 Change United States Total 408,500 445,900 446,300 9%

Alabama 3,100 3,200 3,200 3% Montana 300 300 300 0% Alaska 300 300 300 0% Nebraska 1,900 2,100 2,100 11% 6,400 6,900 7,200 13% Nevada 2,500 2,200 2,200 -12% Arkansas 2,600 2,700 2,800 8% New Hampshire 2,500 2,400 2,400 -4% California 59,600 63,100 62,700 5% New Jersey 31,300 32,100 34,100 9% 5,700 6,300 6,400 12% New Mexico 400 800 800 100% Connecticut 8,100 8,600 7,700 -5% New York 35,600 37,600 38,300 8% Delaware 2,100 2,100 3,000 43% North Carolina 18,000 17,800 18,700 4% District of Columbia 700 1,300 1,400 100% North Dakota 300 500 700 133% Florida 17,100 20,900 20,900 22% Ohio 17,500 16,700 17,000 -3% Georgia 10,200 11,300 10,200 0% Oklahoma 2,500 3,400 3,600 44% Hawaii 1,000 900 1,000 0% 4,100 4,200 4,300 5% 1,300 1,200 1,100 -15% Pennsylvania 18,200 19,700 19,100 5% Illinois 19,300 19,300 20,700 7% Rhode Island 1,100 1,000 1,000 -9% Indiana 8,800 8,900 8,900 1% 6,100 6,000 5,900 -3% Iowa 2,500 2,000 2,900 16% South Dakota 200 300 300 50% Kansas 4,500 6,700 6,400 42% 3,900 4,200 4,200 8% 5,400 5,900 5,900 9% Texas 31,700 42,900 38,500 21% Louisiana 2,300 4,300 4,600 100% Utah 2,700 3,300 3,200 19% Maine 2,300 2,000 2,000 -13% Vermont 1,400 1,400 1,500 7% Maryland 6,500 7,300 7,000 8% Virginia 7,500 8,400 8,500 13% Massachusetts 11,500 12,700 12,700 10% Washington 3,600 4,000 3,800 6% Michigan 9,600 9,200 9,200 -4% West Virginia 1,500 1,800 1,000 -33% Minnesota 5,200 4,500 4,600 -12% Wisconsin 5,500 7,800 8,000 45% Mississippi 500 1,300 1,300 160% Wyoming 400 700 800 100% Missouri 7,700 6,700 8,000 4%

14 2011 Ranking*

United States Total Employment 446,300

1. California 62,700 2. Texas 38,500 28. Washington 3,800 3. New York 38,300 29. Oklahoma 3,600 4. New Jersey 34,100 30. Alabama 3,200 5. Florida 20,900 30. Utah 3,200 6. Illinois 20,700 32. Delaware 3,000 7. Pennsylvania 19,100 33. Iowa 2,900 8. North Carolina 18,700 34. Arkansas 2,800 9. Ohio 17,000 35. New Hampshire 2,400 10. Massachusetts 12,700 36. Nevada 2,200 11. Georgia 10,200 37. Nebraska 2,100 12. Michigan 9,200 38. Maine 2,000 13. Indiana 8,900 39. Vermont 1,500 14. Virginia 8,500 40. District of Columbia 1,400 15. Wisconsin 8,000 41. Mississippi 1,300 15. Missouri 8,000 42. Idaho 1,100 17. Connecticut 7,700 43. Rhode Island 1,000 18. Arizona 7,200 43. West Virginia 1,000 19. Maryland 7,000 43. Hawaii 1,000 20. Kansas 6,400 46. New Mexico 800 20. Colorado 6,400 46. Wyoming 800 22. Kentucky 5,900 48. North Dakota 700 22. South Carolina 5,900 49. South Dakota 300 24. Minnesota 4,600 49. Alaska 300 24. Louisiana 4,600 49. Montana 300 26. Oregon 4,300 *tied states receive the same ranking 27. Tennessee 4,200

15 Company Profiles

Highlights of Strategic Investments Autoneum is the leading supplier to the major light by Swiss Affiliates vehicle and heavy truck manufacturers around the in the U.S. world, providing innovative solutions for noise reduc- tion and thermal management in vehicles. In 2013, Autoneum generated over $2.2 billion in sales, around The Swiss-American Chamber of Commerce in Zurich, $970 million of which was earned in the Business Switzerland, invited leading Swiss affiliates in the .U S. Group North America (USA, Canada and Mexico). to provide complementary case studies. These com- The Business Group North America buys from mainly pany profiles highlight significant achievements of U.S. suppliers and has invested around $100 million in Swiss affiliates and include small businesses with ap- capital expenditures over the past three years. Auto- proximately 100 employees up to large multinational neum’s eight U.S. manufacturing sites provide 2,700 Swiss-affiliated businesses with more than 51,000 em- jobs. Its expansion into two new manufacturing sites ployees based in the United States. They reflect a cross in the U.S. has been announced and will create new section of industries including finance and insurance, investment and jobs. manufacturing, and pharmaceuticals and medicine.

Bühler is a specialist and technology partner for ABB, with some 140,000 employees worldwide and plant, equipment and services for processing basic more than 19,000 employees across the U.S., is a foods and for manufacturing advanced materials. leading power and automation technology group. The Group holds leading market positions worldwide Its activities include power grid technology, robotics, in technologies and processes for transforming grain energy-efficient motors and drives and solutions for into flour and feeds, making pasta and chocolate, as building automation. With its most recent U.S. acqui- well as in the field of aluminum die casting. In 2012, sition, Power-One, ABB has become a global lead- Bühler created the first .U S.-based food-grade Food er in solar inverters. In the past four years, ABB has Innovation Center at its North America headquarters strongly expanded its U.S. operations, investing over in Plymouth, Minnesota. That same year, Bühler intro- $11 billion, with annual revenues of around $7 billion. duced its Apprenticeship Academy to the U.S. (based One of its seven global R&D centers is located on the at its North America headquarters), offering appren- campus of North Carolina State University in Raleigh tices three-year programs that utilize a hands-on ap- along with its Smart Grid Center of Excellence and the proach to developing technical, methodological, and regional headquarters for ABB’s power-related busi- social skills across a wide range of disciplines. Bühler nesses. Group operates in over 140 countries and 750 of its 10,000 employees worldwide are employed in the North America Region. The company’s total invest- ment in the U.S. amounted to $150 million over the last 8 years.

16 Conzzeta is an industrial holding company special- Kaba Group is a leading global provider of high-qual- izing in industrial manufacturing as well as in moun- ity and innovative keys, cylinders, physical access sys- taineering and sports equipment. With $92 million of tems, enterprise data, time recording, and lodging its capital invested in seven U.S. business units, the access systems and also leads the global market in company employs more than 313 people in Illinois, high-security locks, key blanks, transponder keys and Colorado, Vermont, South Carolina, Tennessee, and key manufacturing machines. Kaba’s sales revenue in New Jersey. By purchasing goods and services, the the Americas of $320 million per year mainly comes secondary effects on the U.S. economy are estimated from the U.S. Kaba employs about 1,400 people in at $63 million. the Americas, the majority of whom in the U.S. Kaba Group’s total investments in the U.S. amount to $500 million. Over the past twelve months, the company GF Georg Fischer AG has a worldwide presence in has invested $3 million and another $5 million in- 32 countries and employs 14,000 people. In the U.S., vestment is planned. The value of goods and services 1,177 employees work for GF. GF Piping Systems spe- purchased from American suppliers in the past twelve cializes in plastic piping systems for the safe transport months amounts to $115 million. of water and gas in a variety of industries, including the utilities and building sectors, providing fittings, valves, pipes, automation and jointing technology. Kudelski Group is a world leader in digital security, GF Machining Solutions provides electrical discharge, offering a wide range of services and applications to high-speed milling and laser texturing machines along secure the revenues of content owners and service with automation solutions. The company is the world providers for digital television. Kudelski leads the mar- leader in the tool and mold making industry and ket in access control and management of people or among manufacturers of precision components and vehicles to sites and events such as smart card-based serves customers in the information and communica- systems for public access applications at ski resorts, tion technology and aerospace sectors and the auto- arenas and parking lots. The company also offers cy- motive industry. U.S. sales exceeded $500 million in bersecurity solutions and services focused on helping 2013. The value of goods and services purchased from clients assess risks and vulnerabilities and protect their American suppliers in 2013 amounts to $280 million. data and systems. Over 3,000 people work for Kudel- ski worldwide. In the U.S., Kudelski has fourteen com- panies, employing over 400 people and generating an Holcim is one of the world’s leading cement manufac- annual revenue of more than $150 million in 2013. turers and has a presence on all continents. Aggregate Industries US of the Holcim Group is a leading pro- vider of aggregate materials, ready-mix concrete and Max Daetwyler Corporation is a worldwide leading asphalt in the U.S. Together, both companies employ supplier of Doctor Blades and other pressroom prod- approximately 5,000 people here. Holcim has invested ucts for the printing industry. In addition, Daetwyler more than $750 million in the U.S. over the past five Industries, a world-class supplier of precision machin- years and will complete a modernization of its plant ery, offers single-source manufacturing capabilities. In in Hagerstown, Maryland, by 2016. A major invest- 2009, Micro Waterjet, LLC (MWJ) was formed through ment was the construction of the St. Genevieve plant a partnership with Waterjet AG and Max Daetwyler in Missouri, considered to be one of the most modern Corporation to bring micro manufacturing services and environmentally friendly cement plants in the U.S. utilizing advanced abrasive Waterjet technologies to North America. Also in 2009, Daetwyler Clean Ener- gy LLC was founded to offer Daetwyler’s engineering, manufacturing and assembly strengths to the growing renewable energy industry, including a product line with commercial ground mount, rooftop and parking deck solar mounting structures. Daetwyler Corpora- tion employs about 100 people in the U.S., has invest- ed a total of $12 million in the country and on average purchases $7 million in goods and services from Amer- ican suppliers every year.

17 Novartis, with 27,071 employees across the U.S., is UBS is one of the largest global financial services busi- a leader in the global healthcare business, providing nesses, with about 21,000 employees in 283 locations medicine, eye care, generic pharmaceuticals, preven- in 48 states across the U.S., the District of Columbia, tative vaccines, diagnostic tools and over-the-counter and Puerto Rico. UBS’s U.S. work force represents and animal health products. The U.S. is a major center 33% of the firm’s global permanent staff. Since 2010, for its R&D, manufacturing, sales and marketing, with UBS has recruited at over 50 colleges and provided operations in California, Colorado, Florida, Georgia, 1,128 full-time positions and 1,723 internships to U.S. Illinois, Iowa, Massachusetts, Nebraska, New Jersey, students. In 2013, UBS conducted more than $3 billion New York, North Carolina, Pennsylvania, Puerto Rico, in business with U.S.-based vendors including Micro- Texas, Washington, D.C., and West Virginia. soft, Bloomberg, Cigna, Cognizant Technology, IBM and Hewlett-Packard. UBS also leases more than 10.6 Roche, a leader in research-focused health care with million square feet of commercial space in the U.S. consistent strength in pharmaceuticals and diagnos- tics, employs 20,000 people in the U.S. In recent years, it has acquired several U.S.-based companies such as WICOR is the market leader in electrical insulation of Genentech, Anadys Pharmaceuticals, Constitution power and distribution transformers in North America. Medical and IQuum amounting to U.S. investments of WICOR is an important supplier of equipment used to around $48 billion. U.S. investments in property, plant maintain and improve the electric power transmission and equipment amounted to $3 billion. grid. Innovations include contributing to the imple- mentation of the so-called smart grid, which is crucial to the overall reliability of the North American electric Swiss Post Solutions SPS North America, a sub- power transmission system. The company employs sidiary of Swiss Post, is a leading provider of strategic 522 people in the U.S. at facilities in Vermont, Ohio business process outsourcing and document manage- and Alabama. The company also owns R&D laborato- ment services. Services include invoice and forms pro- ries in several states throughout the U.S. To date WI- cessing, physical and digital mailroom management, COR has invested over $300 million, over $100 million physical and digital records management, and onsite of which was invested in Ohio in the past three years. office support services, including reception desk oper- Additional investment between $10 million and $15 ations as well as management of conference rooms, million is in the plans over the coming two to three print services, call centers/switchboards and IT. SPS years, not including a planned acquisition. employs over 1,500 people in more than 70 cities throughout the U.S. and Canada. Zurich opened its New York branch in 1912, making it one of the oldest insurance companies in the U.S. Tetra Pak® is the world’s leading food processing Zurich serves the U.S. as one of the country’s largest and packaging solutions company. Tetra Pak provides insurers of vehicles, homes, small and mid-sized busi- 1,200 jobs at facilities in Texas, Washington state, nesses, farm businesses, local governments and For- and Missouri. Since establishing a presence in the tune 500 companies. Zurich U.S. companies employ U.S. almost 40 years ago, Tetra Pak has invested ap- over 8,200 people in offices throughout the country proximately $400 million, including over $34 million with major centers of employment in the metropolitan invested in the past three years. Approximately 75% areas of , , Kansas City, Omaha, of the Tetra Pak products sold in the U.S. are manufac- Baltimore and Orlando. Through Zurich’s affiliation tured in the U.S. This year Tetra Pak will invest in a new with Farmers Insurance, an additional 50,000 exclu- printing press, which will increase its Denton, Texas, sive and independent agents and nearly 24,000 peo- factory’s overall capacity and allow future growth for ple have jobs all over the U.S. safe, innovative and environmentally sound products which meet the needs of hundreds of millions of peo- ple across the globe.

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Published by: Embassy of Switzerland in the U.S. 2900 Cathedral Ave., N.W., Washington, D.C. 20008 www.swissemb.org [email protected]

Acknowledgments The Embassy of Switzerland would like to thank Aaron S. Brickman, Martin Naville and all the Swiss affiliates that contributed information to this report.

About the Data: This report presents the most current statistics on the business activities of Swiss- owned affiliates from the .U S. Bureau of Economic Analysis (BEA) at the time of publication. The data refer only to commercial activities of Swiss companies that are unambiguously under Swiss control (those more than 50 percent owned by Swiss direct investors, or majority-owned affiliates). Annually, BEA requires for- eign-owned affiliates to report on their business activities in the United States.

Statistical research and reporting Content First LLC, Washington, D.C.

Graphs and photos Federal Department of Foreign Affairs Clear Sky Creative, LLC, Washington, D.C. Dent Digital, Washington, D.C.

Printing Gabro Printing & Graphics, Virginia

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Washington, D.C., September 2014