Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
FILE PHOTO: An employee shows a rendition of the German semiconductor manufacturer Infineon's new specialist power chip plant during a preview for journalists in Villach, Austria September 16, 2021. Picture taken September 16, 2021. REUTERS/Alexandra Schwarz-Goerlich
Chipmaker Infineon ready to spend billions on acquisitions – CEO
MUNICH (Reuters) -Infineon is ready to spend several billion euros on the right takeover target as it searches for acquisitions to boost growth, Chief Executive Jochen Hanebeck said in an interview published on Wednesday.
The German chip maker is constantly “on the lookout” for suitable companies, Hanebeck told Frankfurter Allgemeine Zeitung (FAZ). “I see it in the range of up to a few billion (euros).”
The plans come at a time when demand for chips used in everything from smartphones to cars soars and supply chain bottlenecks lasting almost two years have plagued global industries from autos to healthcare and telecoms.
Infineon, which reported a 63% jump in segment profit to 3.4 billion euros ($3.6 billion) in the fiscal year that ended Sept. 30, has said it sees growth in particular in electromobility, autonomous driving, renewable energy, data centres, and the so-called internet of things.
The CEO would not comment on individual takeover candidates, according to the newspaper. He said the company could expand its portfolio in several fields, including power semiconductors, sensors, software and artificial intelligence.
It was quite conceivable that start-ups that are not sufficiently well financed, for example, would want to join a corporation, Hanebeck told FAZ.
Infineon had bought U.S. rivals Cypress Semiconductor for $10 billion and International Rectifier for $3 billion in 2019 and 2014, respectively, to expand in next-generation automobiles and Internet technologies.
Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!
To boost production capacity in Europe in a fiercely contested market, Brussels in February launched the so-called Chips Act, enabling 15 billion euros in additional public and private investment in the industry by 2030 on top of 30 billion euros of public investments already planned.
Infineon said last month it was planning a new 5 billion-euro factory in the eastern German city of Dresden.
Taiwan’s TSMC is also in advanced talks about setting up its first European plant in Dresden, according to a media report.
Intel, on the other hand, has backed away from its original target of opening a chip factory in eastern Germany in the first half of 2023, according to another media report.
($1 = 0.9405 euros)
(Reporting by Kirsti Knolle, editing by John Revill, Maria Sheahan and Tomasz Janowski)
Join millions of others and stay up to date with the latest developments.
Privacy & Cookies Policy
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.