FRANKFURT (Reuters) - German engineering group Siemens will take writedowns that may run into the hundreds of millions of euros at its wind-turbines business, the Sueddeutsche Zeitung reported on Tuesday.
Citing industry sources, the German broadsheet said the company would write down the business by a triple-digit million-euro amount because of quality issues.
Profit at Siemens’ wind power division plunged 60 percent in the first nine months of 2014 due to a low contribution from the high-margin offshore business, high production costs and charges for replacing defective bearings in onshore wind turbines.
Siemens, which declined to comment on the report, is due to report results for its full year to end-September on Thursday.
Reporting by Georgina Prodhan; Editing by Mark Potter