Nov 4, 2014 - German engineering major Siemens AG (ETR:SIE) will write down its wind turbine business by a triple-digit million-euro amount due to quality issues, the Sueddeutsche Zeitung said today, quoting sector sources.
The division has experienced a drop in profitability, with charges for replacing onshore wind turbine bearings with defects being one of the reasons. Siemens will report on November 6 its financial results for the fiscal year through September 30, 2014.
Wind power and energy service are part of Siemens' Environmental Portfolio. At present, about 43% of the German company's total revenue comes from green products and solutions.