Siemens AG (SIE) will close its solar power unit after struggling to find a buyer following losses of at least 784 million euros ($1 billion) euros since 2011 amid Chief Executive Officer Peter Loescher’s failed push into that business to expand renewable energy offerings.
The shutdown of the solar division will affect about 280 workers at Europe’s biggest engineering company.Siemens, based in Munich, will finish several solar projects and the closure will cost a “double-digit million-euro” sum, spokesman Torsten Wolf said via phone.
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