Friday, January 24, 2003
ProMOS Technologies Inc. is in good spirits after its break-up with Infineon Technologies AG.
The joint DRAM venture between Infineon and Mosel Vitelic Inc. returned to profitability in Q4 2002 with net profit of $17.3 million (600 million Taiwanese dollars) and has big plans for 2003, including the completion of a second 12-inch wafer fab, according to a Dow Jones report today.
The company will submit an application for investing in China by the end of the first quarter, a ProMOS' spokesman was quoted as saying. For 2003, the spokesman said ProMOS will spend about $300 million to upgrade production lines at existing plants and break ground on the new 12-inch plant, versus the $200 million spent on capital improvements last year.
ProMOS is seeking a joint venture partner for the new 12-inch plant and is in talks with three undisclosed companies, the news service said. In addition, the report claimed ProMOS plans to complete construction on a third 12-inch plant by 2005.
Meanwhile, Infineon has made it clear that it wants out of the venture, saying it will sell its 30.7 percent share in the DRAM company.
According to ProMOS' spokesperson the Taiwan government has limited Infineon to selling a total of 3.6 million shares a day. At that pace, he estimated it would take the German company a full year to completely sell its stake. ProMOS, however, still promotes Infineon on its Web site.
Looking forward, the spokesman told Dow Jones that ProMOS should post a net profit for full-year 2003, which would be its first in three years.
By: DocMemory
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