Infineon Completes Sale of Mobile Phone Business to Intel – New Company Intel Mobile Communications starts operations
Neubiberg, Germany – – Infineon Technologies AG (FSE: IFX / OTCQX: IFNNY) today has completed the sale of the mobile phone business (Wireless Solutions 1) to Intel Corporation.
Following the sale, approximately 3,500 employees in total will move globally from Infineon to the new company Intel Mobile Communications GmbH (IMC). IMC will be headquartered in Neubiberg near Munich, Germany. As planned, Prof. Dr. Hermann Eul will become the President of IMC, leaving his position as Member of the Management Board of Infineon Technologies AG. His former responsibilities for Sales and Marketing will be taken over by CEO Peter Bauer. Dr. Reinhard Ploss will take over responsibilities for Technology and R&D in addition to being Head of Operations and Labor Director.
“I’m very glad to be able to hand over the mobile phone business to Intel in such great shape, and am delighted to know it will be led by Prof. Dr. Eul. Together with Intel there are bright prospects for further growth and further strengthening its market position”, said Peter Bauer, CEO of Infineon Technologies. “This transaction marks the completion of Infineon´s reorientation over the last years toward a higher stability. Infineon currently holds market leading positions in each of its three remaining business segments – automotive, industrial and security electronics – and enjoys excellent prospects in these markets in terms of growth and profitability.”
Infineon and Intel announced the sale of the mobile phone business on August 30, 2010. The final purchase price amounts to 1.4 billion US Dollars in cash.
1 Besides the mobile phone business, the former Wireless Solutions segment included analog and digital TV tuner and satellite radio receiver components as well as the radio frequency power transistors for amplifiers in cellular base stations; this business will remain with Infineon.
Infineon Technologies AG, Neubiberg, Germany, offers semiconductor and system solutions addressing three central challenges to modern society: energy efficiency, mobility, and security. In the 2010 fiscal year (ending September 30), the company reported sales of Euro 3.295 billion with approximately 26,650 employees worldwide. With a global presence, Infineon operates through its subsidiaries in the U.S. from Milpitas, CA, in the Asia-Pacific region from Singapore, and in Japan from Tokyo. Infineon is listed on the Frankfurt Stock Exchange (ticker symbol: IFX) and in the USA on the over-the-counter market OTCQX International Premier (ticker symbol: IFNNY).
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