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Siemens to Shut down Solar Power Unit [View all]
http://invezz.com/news/equities/3153-siemens-to-shut-down-solar-power-unit[font face=Serif][font size=5]Siemens to Shut down Solar Power Unit[/font]
[font size=4]Siemens’ Share Price Little Changed in Early European Trading[/font]
by Alice Young, 10:07, June 18
[font size=3]Siemens AG (FRA:SIE, ETR:SIE, NYSE:SI) will close its solar power division after failing to find a buyer for it in a move highlighting the difficulties of the photovoltaic technology market. Siemens’ share price has edged down in early Frankfurt trading today, June 18. Yesterday, the stock closed more than one percent higher on the NYSE where it is listed as American Depository Receipts (ADRs).
…
As Bloomberg reported yesterday, Munich-based Siemens was going to close the unit following losses of some €784 million (£667.5 million) since 2011. The newswire quoted Siemens’ spokesman Torsten Wolf as saying that the shutdown of the solar power division was going to affect about 280 workers at the company. The number of employees has already been reduced from 600 to 280, with most of them working in Israel. Wolf added that Siemens was going to complete several solar projects and that the closure would cost a “double-digit million-euro” sum.
Siemens acquired Israel’s Solel Solar Systems, which manufactures equipment for solar thermal power plants, in 2009 for $418 million (£266.6 million) as part of the company CEO Peter Loescher’s push into solar power, following Siemens’ expansion into wind power. The unit was put up for sale in October last year, with prices for photovoltaic technology declining due to weak demand. Wolf said that it had “become evident that, due to the increasingly difficult market situation, we will not find an investor for this business”. He added that the company had held negotiations with a number of interested parties but no agreement could be achieved.
Siemens’ chief financial officer Joe Kaeser told investors in January that the unit’s losses were likely to increase to almost €1 billion by the end of fiscal 2013.
…[/font][/font]
[font size=4]Siemens’ Share Price Little Changed in Early European Trading[/font]
by Alice Young, 10:07, June 18
[font size=3]Siemens AG (FRA:SIE, ETR:SIE, NYSE:SI) will close its solar power division after failing to find a buyer for it in a move highlighting the difficulties of the photovoltaic technology market. Siemens’ share price has edged down in early Frankfurt trading today, June 18. Yesterday, the stock closed more than one percent higher on the NYSE where it is listed as American Depository Receipts (ADRs).
…
As Bloomberg reported yesterday, Munich-based Siemens was going to close the unit following losses of some €784 million (£667.5 million) since 2011. The newswire quoted Siemens’ spokesman Torsten Wolf as saying that the shutdown of the solar power division was going to affect about 280 workers at the company. The number of employees has already been reduced from 600 to 280, with most of them working in Israel. Wolf added that Siemens was going to complete several solar projects and that the closure would cost a “double-digit million-euro” sum.
Siemens acquired Israel’s Solel Solar Systems, which manufactures equipment for solar thermal power plants, in 2009 for $418 million (£266.6 million) as part of the company CEO Peter Loescher’s push into solar power, following Siemens’ expansion into wind power. The unit was put up for sale in October last year, with prices for photovoltaic technology declining due to weak demand. Wolf said that it had “become evident that, due to the increasingly difficult market situation, we will not find an investor for this business”. He added that the company had held negotiations with a number of interested parties but no agreement could be achieved.
Siemens’ chief financial officer Joe Kaeser told investors in January that the unit’s losses were likely to increase to almost €1 billion by the end of fiscal 2013.
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