German industrial conglomerate Siemens (SIEGn.DE) is shutting down the last of its solar energy businesses after it failed to find a buyer, the company said on Monday.
Confirming a report in German newspaper Handelsblatt, a spokesman for Siemens said the group would close Solel by early next year.
The Israeli business has accumulated losses of around 1 billion euros ($1.33 billion) since Siemens bought it in 2009, including a write-off of the entire purchase price.
Siemens has spent seven months trying to sell Solel, which makes components used in solar-thermal power stations. Some 280 employees will be affected by the closure, most of them in Israel.
The cost will run into the mid-double digit millions of euros, according to Siemens.In the same article, Bosch is looking to sell or close its photovoltaic solar operations; cites competition from US shale gas. Siemens blamed the Chinese flooding the market with cheaper solar panels.
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