Siemens to close solar power unit

Siemens to close solar power unit Beit Shamesh Solel Solar Systems Bloomberg

Siemens AG (NYSE: SI) will close its solar power unit after losses of 1 billion euros ($1.33 billion) since 2011, according to a report from Bloomberg.

The company acquired Beit Shemesh, Israel-based Solel Solar Systems in 2009 for $418 million in an attempt to expand its renewable energy offerings, but the division was put up for sale last fall as prices for solar technology declined, according to the report. Siemens negotiated with several interested parties but was unable to find a buyer for the division.

The division shutdown will affect about 280 workers, Bloomberg stated. A spokesperson for Siemens told Bloomberg the company will finish several solar projects and the closure will cost a “double-digit million-euro” sum.

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