Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. 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.

NEWS

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.

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)

 

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts