Siemens Scrapping Solar Program
(Germany) Global engineering giant Siemens is abandoning its solar business.
The move was necessary, the firm said, because, "changed framework conditions, lower growth and strong price pressure in the solar markets,” meant the business sector was not meeting its expected goals.[…]
Siemens CEO Peter Löscher just announced a two-year savings programme, because of weak economic growth, during which all unprofitable enterprises will go under the microscope.
The company is in the midst of talks with interested parties about selling its solar businesses, which will continue operating until a sale is final.
Solar is unprofitable, eh? What a shock!
1 comment:
Right. The lack of profitability certainly had nothing to do with subsidized Chinese solar gear flooding the market. Of course, the frre market means that if you can't compete with a cheater then the cheater must just be better right?
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