Aug 4, 2011 - German industrial group Siemens AG (ETR:SIE) has decided to divide its renewable energy business in two divisions -- Wind Power and Solar & Hydro effective from October 1, 2011.
Solar and wind power operations will be divided as the developments of the two markets are at different stages, Siemens Energy chief Michael Suess said on Thursday.
The Solar & Hydro unit will focus on power storage, Suess added. The CEO of this division has not yet been named.
Felix Ferlemann, chief of the Chassis Systems Division of Benteler Automotive, will head the Wind Power division.
Siemens' business for offshore wind power plants is successful at a global level, while solar power operations booked a loss in the third quarter of fiscal 2010/11, ending September 30.
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