Siemens to sell solar business unit
- Germany: Tuesday, October 23 - 2012 at 00:52
German engineering group Siemens is in talks to sell its loss-making solar energy business, as it tries to close the profitability gap with its peers, Reuters has reported. The businesses up for sale are solar thermal power plant maker Solel. They have a total 680 employees and annual revenues of less than €300m ($391m). "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.
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