Siemens focuses on wind, hydroelectric
Source: Agencies |
October 23, 2012, Tuesday
|
Print Edition
Print Edition
SIEMENS AG yesterday unveiled plans to give up its loss-making solar business and focus its renewable energy business on wind and hydroelectric power.
The German company, whose products range from trains to turbines, said it's in talks with possible buyers, but offered no details. It said the move is part of a wider effort to increase its productivity and efficiency.
The solar power industry has been hit by falling subsidies, weaker sales and increasingly stiff price competition.
"Due to the changed framework conditions, lower growth and strong price pressure in the solar markets, the company's expectations for its solar energy activities have not been met," Siemens said.
Several German solar makers, including Q-Cells SE and Solar Millennium AG, have filed for insolvency over the past year. Another German company in the solar market, SMA AG, said last week that it will slash up to 1,000 jobs - about a fifth of its global work force - amid falling revenues and a possible annual loss in 2013 due to the growing price pressures.
Munich-based Siemens said it will keep on offering equipment for use in solar power plants.
The German company, whose products range from trains to turbines, said it's in talks with possible buyers, but offered no details. It said the move is part of a wider effort to increase its productivity and efficiency.
The solar power industry has been hit by falling subsidies, weaker sales and increasingly stiff price competition.
"Due to the changed framework conditions, lower growth and strong price pressure in the solar markets, the company's expectations for its solar energy activities have not been met," Siemens said.
Several German solar makers, including Q-Cells SE and Solar Millennium AG, have filed for insolvency over the past year. Another German company in the solar market, SMA AG, said last week that it will slash up to 1,000 jobs - about a fifth of its global work force - amid falling revenues and a possible annual loss in 2013 due to the growing price pressures.
Munich-based Siemens said it will keep on offering equipment for use in solar power plants.
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