Siemens to Shut down Solar Power Unit

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1. Another casualty of Germany's Energiewende boo-boo.

"Closing the unit is expected to cost Siemens tens of millions of euro. The number of employees had already been reduced from 600 to about 280, the company said. Most of these worked in Israel. Work on closing production facilities would begin immediately but some project-related activities would continue until 2014.

Siemens is one of a glut of German companies to have suffered losses after investing heavily in solar technology.

Bosch, the technology and car parts group, said in March that it would exit its solar activities because of fierce competition, steep losses and falling prices. Bosch sustained some €2.4bn in losses in solar technology since it entered the solar industry in 2008. "

http://www.ft.com/cms/s/0/9c3de418-d74f-11e2-8279-00144feab7de.html#axzz2WaH08Y7q