Siemens Solar Exit to Cost $320 Million

Before you go, we thought you'd like these...
Before you go close icon

About two weeks ago, German conglomerate Siemens A.G. (NYSE: SI) announced that it planned to get out of the solar panel-making business. The move is expected to cost Siemens more than $320 million, according to a report in a German financial newspaper cited by Reuters.

The losses are down to the value of the units, operational losses and write-downs on projects that are currently in progress. The German newspaper reckons that the total loss on Siemens' solar business will top $1 billion.

Siemens joins a handful of other German solar PV makers that have filed for bankruptcy or been sold in the past year. Cuts to subsidies in the eurozone have been the main force behind the failures, but low prices from Chinese solar makers have hurt also. Eurozone and U.S. solar manufacturers have initiated trade cases against the Chinese makers, and the United States is already imposing tariffs on panels manufactured in China.

Siemens' shares are inactive in premarket trading today, having closed at $101.85 on Friday in a 52-week range of $77.88 to $105.40.

Paul Ausick


Filed under: 24/7 Wall St. Wire, Alternative Energy, Conglomerates, Green Biz, International Markets
Read Full Story

Markets

S&P 500 2,341.59 -2.39 -0.10%
DJIA 20,550.98 -45.74 -0.22%
NASDAQ 5,840.37 11.64 0.20%
DAX 11,996.07 -68.20 -0.57%
NIKKEI 225 19,189.39 203.80 1.07%
HANG SENG 24,308.50 114.80 0.47%
USD (per EUR) 1.09 0.00 0.00%
USD (per CHF) 0.99 0.00 -0.02%
JPY (per USD) 110.62 -0.15 -0.13%
GBP (per USD) 1.26 0.00 0.07%

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners