Stock Market

Google to Invest $670 Million on New Data Center in Finland

Alphabet (GOOGL) unit Google plans to invest about EUR600 million ($670.3 million) in a new data center in Hamina, Finland, media reports said Monday, citing an emailed statement from the company.

Shares are up almost 1% in afternoon trade Tuesday.

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According to Reuters, Google already has one data center in Hamina, where it spent about EUR800 million to convert an old paper mill. Paper firm Stora Enso reportedly sold the location, which is near the Russian border, to the search engine giant in 2009.

“The demand for Google services is growing daily and we are building our data center infrastructure to match this demand,” Google’s Finland country head Antti Jarvinen said in a statement.

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