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Siemens to shut solar business unit

This week, German electronics firms Siemens announced it will shut down the solar power arm of its business.

The multinational giant has lost about $1.3 billion since 2009, and has been seeking a buyer for its solar unit since October 2012.

Siemens first entered the solar industry in 2009 when it bought Solel Solar Systems, a company based in Israel, for $418 million. But since then, the global solar supply has risen steeply, resulting in a dramatic price decline which has hit companies across the world.

Credit: Siemens

Credit: Siemens

Seimens spokesman Torsten Wolf told Bloomberg that it “has become evident that, due to the increasingly difficult market situation, we will not find an investor for this business.”

This decision will impact around 280 workers and will cost a “double-digit million-euro” sum, according to Bloomberg. The company, which offered both photovoltaic and solar thermal products, will finish remaining solar projects.


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