Siemens (NYSE: SI) will no longer be involved in managing the building or financing of nuclear plants and is backing out of a planned joint venture with Russian nuclear firm Rosatom. The decision comes after the German government said it would shut down the nation’s 17 nuclear power plants by 2022 in the wake of the Fukushima accident in Japan.
Siemens will continue to make parts for steam turbine equipment and wants to continue working with Rosatom in other areas.
The decision by Siemens comes after a difficult patch for its nuclear business, according to the German Spiegel magazine, which reported the news. An arbitration tribunal in May ordered Siemens to pay more than $900 million to Areva after it failed to meet contractual obligations in an earlier nuclear joint venture. Siemens has a long history of nuclear engineering and was involved in the construction of all of Germany's nuclear plants.
Siemens CEO Peter Löscher told Spiegel magazine in an interview the firm would boost its work in the renewable energy sector.
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