Semiconductor maker Infineon Technologies AG says it will cut back on
investment plans and introduce short-time working as global economic
uncertainty weighs on demand and revenue.
Infineon on Wednesday
reported drops in revenue for the July-September period, its fiscal
fourth quarter, and for the full fiscal year. Net profit improved in the
fourth quarter but was down sharply for the full year.
The
company says it expects revenue in the new fiscal year to drop further.
It says it will temporarily switch off underused equipment, cut back on
temporary workers and make "selective use" of short-time work schemes,
which allow employers to reduce production without cutting their
workforce.
Planned investments for the new fiscal year will be cut from €500 million ($635 million) to €400 million.