Word: infineon
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Dates: during 2001-2001
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There has been a steady drumbeat of bad news on the job front in Europe. Just last month, the Swiss engineering firm ABB announced 12,000 layoffs, 8% of the company's workforce. Infineon, Europe's second-largest chipmaker, said it is downsizing 5,000 workers because of a slowdown in the electronics sector. Ericsson, Sweden's big telecom equipment provider, said it would stop making mobile phones - a decision that will put 2,600 out of work in southern Sweden. In fact, in just a single week in late July, European companies announced a total of 30,000 layoffs...
...Infineon Technologies
...Infineon Technologies Public company based in Munich, Germany CEO: Ulrich Schmacher What it does: Spun off from Siemens in 1999, Infineon makes memory products and semiconductor solutions Why it is hot: It is reporting strong margins in wireline communications, security and chip- card integrated circuits and in its automative and industrial business groups www.infineon.com | last year...
...here comes the bear case. Some big European technology and telecom firms are in serious distress. Last week, just one day after celebrating its listing on the New York Stock Exchange, German electronics giant Siemens announced it would not meet its earlier sales and earnings targets. The firm's Infineon Technologies semiconductor unit was a victim of a global pullback in technology spending, which has sent memory chip prices plummeting. Sweden's Ericsson, owned directly or indirectly by half of that country's population, has announced that it will lose as much as $510 million in the first quarter instead...