Friday, December 13, 2002
Infineon Technologies AG, the European chip giant and DRAM maker, is battling against an unacceptable tax burden and is prepared to do "whatever is necessary" to alleviate the cost, according to Ulrich Schumacher, the company's president and chief executive officer. The executive hinted at possible headquarters relocations or broader corporate restructurings to help reduce the tax bill, and to lower costs more generally.
Speaking at a one-day conference here, staged by Infineon to explain its so-called 'Agenda 5-to-1' five-year plan and business strategy, Schumacher said that the tax regime his company experienced was some 18 percent worse than some competitor's and that this difference was unacceptable. Asked whether Infineon was considering moving its headquarters from Munich, Germany, Schumacher did not deny the possibility but said that no decisions had been taken and that such talk would be "premature."
"We cannot accept that we pay twice as much tax as the competition. Whatever is necessary [to alleviate this] we will do. Would we go somewhere else? It's not something we would do lightly," Schumacher said.
By: DocMemory
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