Siemens quitting nuclear business

By The Associated Press The chief of Siemens AG says the German industrial conglomerate is quitting the nuclear energy business to focus on other technologies. Siemens chief executive Peter Loescher told Der Spiegel weekly his company would continue to deliver…

By The Associated Press

The chief of Siemens AG says the German industrial conglomerate is quitting the nuclear energy business to focus on other technologies.

Siemens chief executive Peter Loescher told Der Spiegel weekly his company would continue to deliver components to nuclear plants as needed, but would not invest any more in developing nuclear energy.

Loescher’s announcement comes months after Chancellor Angela Merkel’s government decided to phase out nuclear energy by 2022, following post-earthquake nuclear disaster.

Already in 2001, Siemens had decided to spin off the bulk of its nuclear business into a joint venture with a French company.

Loescher told Spiegel in an interview published Sunday the decision was “a response to the clear position of the German public and government.”