Siemens AG will close its solar power unit after struggling to find a buyer following losses of at least 784 million euros ($1 billion) euros since 2011 amid Chief Executive Officer Peter Loescher’s failed push into that business to expand renewable energy offerings.
Siemens AG, Europe’s biggest engineering company, said Germany can cut the cost of its switch to renewable energy from nuclear power by 150 billion euros ($196 billion) by focusing on gas and sea-based wind generators.
Siemens AG, Europe’s largest engineering company, cut its full-year forecast after quarterly earnings missed analyst estimates amid charges for failed wind energy transmission projects and the delayed delivery of trains.
Siemens AG Chief Peter Loescher’s fourth profit forecast cut in his six-year tenure has investors questioning whether he’ll be able to reach a target for matching profitability at General Electric Co. and ABB Ltd.
Dresser-Rand Group Inc., with one of the best sales outlooks among makers of oilfield equipment, is turning into a takeover candidate for buyers such as Siemens AG, National Oilwell Varco Inc. and Cameron International Corp.