Bosch Quits $2.6 Billion Solar Foray in Week of Suntech Failure
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Robert Bosch GmbH, the biggest car-parts maker, abandoned a near $2.6 billion foray into solar-power equipment just days after the industry’s biggest corporate collapse as a global production glut led to slumping prices.
The Stuttgart-based company will stop making solar ingots, wafers, cells and panels early next year and try to sell assets “as soon as possible,” Chief Executive Officer Volkmar Denner said, as Bosch cannot see a way to restore its competitiveness. The company’s solar division employs about 3,000 people.