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Report: Siemens to Shut Down Solar Unit

Industrial conglomerate Siemens AG (NYSE:SI) is shutting down its solar business after not being able to find a buyer for it, newspaper Handelsblatt reported Monday, citing industrial circles.The closure will affect 280 jobs, mostly in Israel, the article said, noting Siemens took over Israel's Solel Solar Systems for 285 million euros ($373 million) in 2009. The German company wanted to become a world leader in solarthermics, but the business didn't meet expectations due to fierce competition and falling prices.Handelsblatt said the closure is expected to cost around EUR50 million.Siemens couldn't immediately be reached for comment. Handelsblatt said a Siemens spokesman confirmed to the paper that the segment will be shut down soon.Newspaper website: http://www.handelsblatt.com-Write to the Frankfurt Bureau at djnews.frankfurt@dowjones.comSubscribe to WSJ: http://online.wsj.com?mod=djnwiresCopyright © 2013 Dow Jones Newswires...

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