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© kheng-guan-toh-dreamstime.com Electronics Production | June 18, 2013

Siemens closing solar division

Siemens have taken the decision to close its loss-making solar power unit. Siemens have not managed to find a buyer for the business and is now looking to close up shop.
Losses amount to roughly USD 1 billion (EUR 784 million) in just two years time – the closing of the solar division will result in about 280 workers losing their jobs. The company will finish their ongoing projects – observe warranty obligations – but will not undertake any new projects or developments, according to a Bloomberg report.

The closure will be a costly one. As the unit is already reporting losses of USD 1 billion (EUR 784 million,the closure will cost a “double-digit million-euro” sum, spokesman Torsten Wolf told Bloomberg.

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