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June 25, 2017

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German chip-maker Infineon plans to commence drastic cost-cutting action

BERLIN -- German chip-maker Infineon on Wednesday announced a brutal series of cost-cutting measures, including putting some workers on reduced hours, as it unveiled a disappointing set of results.

"Macroeconomic headwinds are getting stronger and we do not see this changing in the near term. We are therefore forecasting a drop in revenue for the 2013 fiscal year," Infineon boss Reinhard Ploss said in a statement.

Cost-cutting measures would include "temporarily switching off underutilized equipment, reducing the temporary workforce and the selective use of short-time work," the firm announced.

In addition, investments for next year would be slashed from 500 million euros (US$637 million) to 400 million euros and certain development projects would be shelved.

Infineon also said it planned to freeze hiring to maintain its staff levels at current levels and to postpone certain salary increases.

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