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Bosch to exit solar business

(SeeNews) - Mar 22, 2013 - German industrial group Robert Bosch said today it will withdraw from its solar business after a loss of about EUR 1 billion (USD 1.3bn) last year.

The company plans to discontinue its production of crystalline solar cells in the German town of Arnstadt at the start of 2014 as well as all its development and marketing activities. Bosch intends to sell its plant in France and the shares in subsidiary Aleo Solar.

According to preliminary data, the solar business pushed down the company's 2012 performance by about EUR 1 billion. The unit booked an operating loss of EUR 450 million and unplanned impairments of about EUR 600 million. The company already wrote off EUR 560 million in 2011 and EUR 425 million in 2009.

Bosch announced at the end of January that its solar activities have no accounting value left and the company sees no chances to make profit in the segment.

(EUR 1 = USD 1.3)

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