Siemens Exits Solar Industry, Suffers $1 Billion In Losses

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"Siemens , the industrial conglomerate based in Munich, Germany, is shutting down its solar power division, which has suffered nearly $1 billion in losses over the past two years.

In 2009, Siemens paid $418 million for Israel-based Solel Solar Systems, which it put up for sale late last year. The following year, Siemens acquired a significant stake Archimede Solar Energy, a solar thermal company based in Italy.

Siemens decision to exit the solar market is a stark reminder of the havoc caused by the unprecedented decline in costs for solar photovoltaic panels."

http://www.forbes.com/sites/williampentland/2013/06/20/siemens-exits-solar-industry-suffers-1-billion-in-losses/