Siemens in Lincoln said it wants to move its turbine servicing department to purpose-built space at the Teal Park development in North Hykeham.
According to plans, around 540 workers from Siemens’ site in Waterside South on Firth Road would move to premises yet to be built at Teal Park.
Teal Park has recently received planning permission from the North Hykeham council, but Siemens’ relocation plans are scaled down from previous suggestions.
Following a business restructure and almost a year of negotiation with authorities, Siemens will leave behind in other facilities over 900 employees in Lincoln.
The company anticipates work at the new purpose-built premises at Teal Park would begin in mid-2011, and would be completed by summer 2012.
A representative of Siemens’ Lincoln operations said the new site at Teal Park would have the capacity to accommodate future expansion in the area.
Siemens is a large economic force in Lincoln. It contributes with £100m per year in local economy, and spends around £11m with local suppliers.
The company is also building with the University of Lincoln an Engineering Hub in Lincoln, the first of its kind in the UK in the last 20 years.
The new development will create 129 new jobs, and would welcome 44 students trained to international engineering standards for Siemens.
Teal Park, next to the A46 Lincoln bypass, has plans for a hotel, public house, leisure centre, showrooms, and large retail areas, as well as office blocks.