Bosch Pays $175 Million To Get Rid Of Its Solar Operations

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Bosch Pays $175 Million To Get Rid Of Its Solar Operations

by Wochit 0:45 mins

Bosch Pays $175 Million To Get Rid Of Its Solar Operations

by Wochit 0:45 mins

According to Forbes, Bosch has agreed to pay SolarWorld about $175 million to assume ownership of Bosch’s money-losing solar subsidiary. In an effort to exit the solar industry, Bosch agreed to sell its solar manufacturing facility in Arnstadt to SolarWorld last November. Germany’s solar industry has struggled to sustain profitability during a prolonged supply glut, which many have attributed to Chinese imports. To make matters worse, Germany’s government has indicated that it would likely roll back subsidies for renewable energy to stabilize rising electricity prices and avoid the potential risk of “deindustrialization.”

Wochit

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