February 3, 2018 / 2:33 PM / 2 months ago

Infineon CEO sees no spin-offs, IPOs for units: Euro am Sonntag

FRANKFURT (Reuters) - German chipmaker Infineon sees no need to spin off or list any of its units, its chief executive told a German weekly when asked whether that would be a possible way of raking in cash.

“Infineon’s setup enables the interaction of various competences in a very good way. Therefore, there is no need to give individual units their own access to the capital market,” Reinhard Ploss told Euro am Sonntag.

“And we can refinance acquisitions sufficiently well via the capital market.”

The company earlier this week said its industrial power control, power management and security segments all showed seasonal drops in revenues, while its automotive unit achieved sequential growth thanks to demand in the electric vehicle sector.

Infineon itself used to be a unit of Siemens before being separated and listed in 2000. Siemens has a history of spinning off businesses and is currently in the process of floating a minority of its healthcare business on the stock exchange.

Ploss also said Infineon was operating its European plants long-term, responding to questions whether the group’s continental locations are threatened in light of a push to expand in Asia.

Reporting by Christoph Steitz; editing by Mark Heinrich

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