Infineon to step up cost cuts, plans shorter week

FRANKFURT, Nov 29 (Reuters) - German micro-chip maker Infineon IFXGn.DE plans to step up its recent cost cutting programme and is in talks with shop stewards about shortened working weeks, it said on Saturday.

A spokesman for the company confirmed a pre-release of a report in Sunday paper Welt am Sonntag that Infineon was to slash costs beyond the 200 million euro ($258.8 million) programme already announced.

Further job cuts beyond the ones unveiled in July are not on the cards, the spokesman added.

The talks with employee representatives on shorter working weeks were ongoing and no decision had yet been made, he said.

The company, which is due to release fiscal fourth-quarter results on Wednesday, is grappling with falling chip prices and declining demand from automakers, a key customer group.

Chief Executive Peter Bauer announced plans to cut 3,000 of the company’s 30,000 jobs in July. (Reporting by Alexander Huebner, writing by Ludwig Burger, editing by Anthony Barker)