Infineon closes in on Cypress

August 01, 2019 //By Christoph Hammerschmidt
Infineon closes in on Cypress
Despite challenging macroeconomic conditions and recession in the automotive market, chip maker Infineon Technologies met its sales targets in the third quarter as it plans the acquisition of Cypress Semiconductor.

Infineon CEO Reinhard Ploss spoke of solid demand without major growth impulses. "The structural drivers in our future markets are intact and the long-term growth prospects remain good," said Ploss. All four business units - Automotive, Industrial Power Control, Power Management & Multimarket and Digital Security Solutions - reported slightly higher sales in the quarter under review. However, profit declined significantly to only 224 million euros from 271 million euros in the year-ago quarter.

The planned takeover of Cypress Semiconductor has meanwhile cleared its first hurdles - the Board of Directors of Cypress has approved the transaction. The final conclusion of the proceedings still requires the approval of the Cypress shareholders and the approval of the responsible approval authorities as well as the fulfillment of further usual conditions. The transaction is expected to be completed towards the end of the current year or the beginning of next year.

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