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Siemens AG To Shut Down Solar Unit; Closure Will Affect 280 Jobs-DJ
Dow Jones reported that according to newspaper Handelsblatt, Siemens AG is shutting down its solar business after not being able to find a buyer for it. The closure will affect 280 jobs, mostly in Israel, the article said, noting Siemens took over Israel's Solel Solar Systems for EUR285 million ($373 million) in 2009. The business didn't meet expectations due to fierce competition and falling prices. Handelsblatt said the closure is expected to cost around EUR50 million.
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