Friday, March 31, 2006
Infineon has named its memory subsidiary Qimonda and reiterated that after its formation an IPO remains the favored way to separate it from its parent.
Infineon's chief executive officer speaking on a press conference webcast from Munich, said its separation from Infineon would be completed on May 1, two months ahead of the company's previous schedule.
The company will debut as the world's fourth largest DRAM manufacturer. Kin Wah Loh, presently head of Infineon’s Memory Products Business Group, was introduced as the chief executive of Qimonda and he went on to explain that Qimonda literally implies the free flow of energy in the world, but that he wanted the company to be “fast, creative and passionate.”
Qimonda AG will be headquartered in Munich and have about 12,000 employees with 4,700 employed in Germany. The company will also have 1,700 employees working five in R&D centers worldwide and more than 900 engineers in product development. The company’s R&D facilities include Munich and Dresden in Germany, Raleigh and Burlington in the United States and Xi'an in China.
In terms of its financial position Qimonda has a nominal 2005 financial balance sheet which shows the company made a profit of 122 million euro (about $148 million) on revenues of 2.83 billion euros (about $3.42 billion). “For the last three years memory group has been profitable,” said Loh.
By: DocMemory
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