BERLIN (AP) — Germany's Bosch says it is abandoning its solar energy business because there's no way to make it economically viable amid overcapacity and price pressure in the industry.
The engineering company said Friday that it will stop making components such as solar cells and wafers at the beginning of next year. It says it will sell a plant in Venissieux, France, and is abandoning a plan to build a new plant in Malaysia.
Bosch's move comes after German industrial conglomerate Siemens last October announced plans to give up its loss-making solar business. The industry has been hit by falling subsidies, weaker sales and increasingly stiff price competition.
Bosch CEO Volkmar Denner says the company held talks with potential partners, but couldn't come up with a viable solution for the division.