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Bosch dumps solar business as losses mount
http://www.smh.com.au/business/carbon-economy/bosch-dumps-solar-business-as-losses-mount-20130325-2gpo4.htmlGerman engineering company Bosch said it is abandoning its solar energy business, because there is no way to make it economically viable amid overcapacity and huge price pressure in the industry.
The solar power industry has been hit by falling subsidies, weaker sales and increasingly stiff price competition, especially from Chinese manufacturers. Robert Bosch GmbH's move, announced at the end of last week, came after German industrial conglomerate Siemens announced last October that it would give up its loss-taking solar business.
Bosch said that it will stop making products such as solar cells, wafers and modules at the beginning of next year. It will sell a plant in Venissieux, France, and is abandoning a plan to build a new plant in Malaysia.
The solar energy division, which employs about 3,000 people, lost around €1-billion ($1.25 billion) last year.
The solar power industry has been hit by falling subsidies, weaker sales and increasingly stiff price competition, especially from Chinese manufacturers. Robert Bosch GmbH's move, announced at the end of last week, came after German industrial conglomerate Siemens announced last October that it would give up its loss-taking solar business.
Bosch said that it will stop making products such as solar cells, wafers and modules at the beginning of next year. It will sell a plant in Venissieux, France, and is abandoning a plan to build a new plant in Malaysia.
The solar energy division, which employs about 3,000 people, lost around €1-billion ($1.25 billion) last year.
Sad news indeed.