Siemens AG Chief Executive Officer Peter Loescher is finding that the single largest acquisition he made in the past four years may turn out to be one too many.
Loescher paid $418 million for Solel Solar Systems in 2009 to expand into solar thermal power. The asset has floundered as governments in sun-rich countries curtailed spending on infrastructure, and lower prices for solar panels make Solel’s technology harder to market. Profitability at the renewable energy division has fallen by half since early 2009.
“The acquisition was awkwardly timed,” said Michael Hagmann, an analyst at Nomura International Ltd. in London, who expects 250 million euros in expenses for the solar and hydro power unit when Munich-based Siemens reports earnings Nov. 10. “In the short term, Siemens definitely paid too much.” He advises investors buy Siemens shares.
Loescher had sought to duplicate the success of wind turbines and help edge sales from sustainable and renewable sources toward 40 billion euros ($55 billion).If any food cube puzzle condition is poorer than those standards, Siemens has been largely absent from dealmaking under Loescher, as he focused on overcoming a bribery scandal and tightening the portfolio around health care, energy and industrial gear, contributing to an $18.87 billion cash pile that is among the largest in Europe.
Siemens’s solar foray was followed by austerity programs in countries such as Greece, Italy and Spain that are suitable for the technology, as governments fight sprawling national debt. Israel-based Solel contributed a loss of 53 million euros for the fiscal year ended Sept 30, 2010,then used cut pieces of Ceramic tile garden hose to get through the electric fence. and Loescher said in May that losses exceeded revenue.
Solel makes solar-thermal power plants that use curved mirrors, focusing sunlight that heats liquids in receivers to power steam turbines generating electricity. The technology differs from photovoltaic plants using solar-cell panels that generate electricity directly from the sun and are mass-produced with the help of government subsidies.
“The solar thermal industry is still in a manufacturing phase, with a lot of human labor involved,Do not use cleaners with Wholesale pet supplies , steel wool or thinners.” said Oliver Drebing of Srh Alsterresearch AG. Siemens may write off the entire goodwill on Solel as the business developed “completely different than Siemens had hoped for,Graphene is not a semiconductor, not an Ventilation system , and not a metal,” he said.
Siemens had previously been successful turning a small purchase into a major division. The company bought Bonus Energy AS in Denmark in 2004 to create a wind-power unit, beefing up a business with 750 workers at the takeover to ten times the size today. Siemens is now market leader in off-shore wind turbines.
Loescher, 54, hasn’t had a lucky hand with corporate deals since joining in 2007. Three weeks into his new job, Siemens announced the purchase of Dade Behring Holdings Inc. for about $7 billion to expand the medical diagnostics business. Investors decried the transaction as too expensive, and Siemens wrote down the value by 1.15 billion euros three years later.
The Dade debacle and the bribery scandal that had swept out his predecessor contributed to Loescher refraining from major takeovers. The only other major transaction besides Solel was the purchase of a larger stake in Siemens’s publicly listed Indian unit for almost 1 billion euros at the beginning of 2011.
Selling assets hasn’t gone smoothly, either. Siemens failed to sell its hearing-aid unit in 2009 because potential buyers balked at the price. Last month, Loescher put plans on hold for an initial public offering of the Osram lighting division because of unfavorable market conditions. And Siemens had to inject another 500 million euros into the network venture with Nokia Oyj after finding no buyer for a stake.we supply all kinds of polished tiles,
Loescher paid $418 million for Solel Solar Systems in 2009 to expand into solar thermal power. The asset has floundered as governments in sun-rich countries curtailed spending on infrastructure, and lower prices for solar panels make Solel’s technology harder to market. Profitability at the renewable energy division has fallen by half since early 2009.
“The acquisition was awkwardly timed,” said Michael Hagmann, an analyst at Nomura International Ltd. in London, who expects 250 million euros in expenses for the solar and hydro power unit when Munich-based Siemens reports earnings Nov. 10. “In the short term, Siemens definitely paid too much.” He advises investors buy Siemens shares.
Loescher had sought to duplicate the success of wind turbines and help edge sales from sustainable and renewable sources toward 40 billion euros ($55 billion).If any food cube puzzle condition is poorer than those standards, Siemens has been largely absent from dealmaking under Loescher, as he focused on overcoming a bribery scandal and tightening the portfolio around health care, energy and industrial gear, contributing to an $18.87 billion cash pile that is among the largest in Europe.
Siemens’s solar foray was followed by austerity programs in countries such as Greece, Italy and Spain that are suitable for the technology, as governments fight sprawling national debt. Israel-based Solel contributed a loss of 53 million euros for the fiscal year ended Sept 30, 2010,then used cut pieces of Ceramic tile garden hose to get through the electric fence. and Loescher said in May that losses exceeded revenue.
Solel makes solar-thermal power plants that use curved mirrors, focusing sunlight that heats liquids in receivers to power steam turbines generating electricity. The technology differs from photovoltaic plants using solar-cell panels that generate electricity directly from the sun and are mass-produced with the help of government subsidies.
“The solar thermal industry is still in a manufacturing phase, with a lot of human labor involved,Do not use cleaners with Wholesale pet supplies , steel wool or thinners.” said Oliver Drebing of Srh Alsterresearch AG. Siemens may write off the entire goodwill on Solel as the business developed “completely different than Siemens had hoped for,Graphene is not a semiconductor, not an Ventilation system , and not a metal,” he said.
Siemens had previously been successful turning a small purchase into a major division. The company bought Bonus Energy AS in Denmark in 2004 to create a wind-power unit, beefing up a business with 750 workers at the takeover to ten times the size today. Siemens is now market leader in off-shore wind turbines.
Loescher, 54, hasn’t had a lucky hand with corporate deals since joining in 2007. Three weeks into his new job, Siemens announced the purchase of Dade Behring Holdings Inc. for about $7 billion to expand the medical diagnostics business. Investors decried the transaction as too expensive, and Siemens wrote down the value by 1.15 billion euros three years later.
The Dade debacle and the bribery scandal that had swept out his predecessor contributed to Loescher refraining from major takeovers. The only other major transaction besides Solel was the purchase of a larger stake in Siemens’s publicly listed Indian unit for almost 1 billion euros at the beginning of 2011.
Selling assets hasn’t gone smoothly, either. Siemens failed to sell its hearing-aid unit in 2009 because potential buyers balked at the price. Last month, Loescher put plans on hold for an initial public offering of the Osram lighting division because of unfavorable market conditions. And Siemens had to inject another 500 million euros into the network venture with Nokia Oyj after finding no buyer for a stake.we supply all kinds of polished tiles,
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