Renewable

(SeeNews) - Nov 2, 2012 - German industrial group Bosch is considering strategies for its solar business including finding an industrial partner in Asia, German paper Stuttgarter Zeitung reported on Thursday.

According to the report, Bosch is unlikely to withdraw completely from the solar segment as German engineering group Siemens plans to do.

Stuttgarter Zeitung said that Bosch may look for an Asian industrial partner to share liabilities and costs with. The company considers as a second option to stop being a full-range supplier in the photovoltaic segment. Thus the in-house production will be decreased and components will be purchased additionally.

The third option is giving some extra time for the solar division. According to the paper, the works council from the site in Arnstadt asked Bosh to delay making a decision. The company's solar plants are hit by insufficient orders. Short-time work was introduced in October at the sites in Arnstadt and Prenzlau.

The German solar sector is pressed by rivals from China that offer cheaper products. Several sector players such as Q-Cells, Sovello, First Solar and Solon went insolvent.

Bosch's management wants to take a decision on the fate of the solar division by the end of the year. The unit generated revenue of EUR 800 million (USD 1.03bn) in 2011.

(EUR 1.0 = USD 1.284)