German engineering company, Siemens is likely to withdraw completely from building nuclear reactors.
Chief Executive Peter Loescher said the decision is an answer to the Fukushima nuclear blow in Japan in March this year. "It was firm's answer to the clear positioning of German society and politics for a pullout from nuclear energy," Spiegel magazine quoted Loescher as saying.
"The chapter for us is closed," he said while announcing that the company will no longer manufacture nuclear power plants.
"A long-planned joint venture with Russian nuclear firm Rosatom would also be cancelled," Peter was quoted by BBC. However, he said he is keen to work with their partners in other sectors.
He further said that Siemens will continue to manufacture components like steam turbines, which are used in conventional power industry, and also can be used in nuclear power stations.
He backed the government's move to switch to renewable energy sources. He called the plan as "project of the century" and said that Berlin's target to touch 35 percent renewable energy by 2020 is very much possible.
Earlier in the month of May, German Chancellor, Angela Merkel, had announced that all 17 nuclear reactors of the nation will shut by 2022. The nuclear power constituted 23 percent of electricity supply in Germany before the Fukushima tragedy.