Siemens pulls out of nuclear sector

Erlangen, Germany, September 20, 2011 — Following Germany's withdrawal from nuclear energy, German industrial firm Siemens has decided not to do business in the nuclear sector.

"We will no longer be involved in overall managing of building or financing nuclear plants. This chapter is closed for us," CEO Peter Loescher told a German newspaper.

Following the nuclear disasters in Japan, the German government decided to shutter some of its aging nuclear reactors and passed legislation to phase out nuclear energy by 2022.

Siemens will no longer produce equipment that can only be used in the nuclear energy sector. Equipment that can be used across different generation technology — such as natural gas, hydropower, coal or nuclear — will still be made and serviced by Siemens, according to reports.

As part of the company's decision, it will back out of a joint nuclear venture with Russia's Rosatom.

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