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Infineon cuts 2013 investments as sees sales drop
NEUBIBERG, Germany |
NEUBIBERG, Germany Nov 14 (Reuters) - German chipmaker Infineon said on Wednesday it would further cut investments as it expects that economic circumstances will continue to be tough.
The company said it would cut 2013 investments to 400 million euros ($508.4 million) from an earlier planned figure of 500 million. Last year it invested 890 million euros.
The company also said it expects revenues to drop between 5-9 percent in its current fiscal year to end September 2013. ($1 = 0.7867 euros) (Reporting by Harro ten Wolde; Editing by Victoria Bryan)
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