(MENAFN) Siemens stated that at the current time it is in discussions with several parties to sell its solar energy business, reported Reuters.
The German engineering group said that the move is part of the company's cost-saving plan, announced this month, aimed at handling the widening gap with rivals in terms of gross margins.
The sale will leave the firm with wind and hydropower in the renewable energy sector.
Siemens has not yet revealed how much money it planned to save or how many jobs could be slashed as part of its cost-saving program, which is called Turbine 2013.
It is worthy noting that the businesses Siemens plans to sell, including solar thermal and photovoltaic, comprise 680 employees and generated less than USD391 million revenue in 2011.
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