Siemens to Exit Nuclear Power Business

The logo of German industrial group Siemens is pictured during the company's annual press conference in Munich in 2010. (Christof Stache/AFP/Getty Images)

Siemens, the Germany-based industrial and engineering giant, said it is getting out of the nuclear power business after the German government decided to stop using nuclear as an energy source, according to media reports.

This chapter is closed for us," CEO Peter Loscher told Germanys Der Spiegel publication in an interview on Sunday, Sept. 18. He said the company will not be involved in managing or building nuclear power plants.

Two years ago, the firm struck a deal with Russias Rosatom, but Loscher said that deal will not go through in the end, adding that the two firms will work together in other fields.

In the aftermath of the massive earthquake and tsunami that crippled Japans Fukushima Daiichi nuclear power plant, the German government turned off several of its power plants and passed a bill to completely phase out nuclear power by 2022.

Loscher told the newspaper that Berlins decision to phase out the power factored into the firms decision to exit the industry.




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