Germany's Siemens to give up solar energy business

[October 22, 2012]  BERLIN (AP) -- Siemens AG says it plans to give up its solar business and concentrate its renewable energy business on wind and hydroelectric power.

The German industrial conglomerate said Monday that it's in talks with possible buyers, but offered no details. It said the move is part of a wider effort to increase its productivity and efficiency.

The company cited strong price pressure on solar energy markets as one reason why its expectations of the business haven't been fulfilled.

Several German solar manufacturers, including Q-Cells SE and Solar Millennium AG, have filed for insolvency over the past year.

Last month, the European Union launched an anti-dumping probe into Chinese solar panels after an industry association claimed the products were being exported for less than it costs to make them.

[Associated Press]

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