Infineon CEO Sees 10% Operating Margin Target Achievable In Fiscal Year 2011
Date : 02/11/2010 @ 4:29AM
Source : Dow Jones News
Stock : Infineon Technologies AG (ADS) (IFNNY)
Quote : 5.71 0.03 (0.53%) @ 8:26AM
Infineon CEO Sees 10% Operating Margin Target Achievable In Fiscal Year 2011
MUNICH (Dow Jones)
Infineon Technologies AG's (IFX.XE) medium-term margin target could be reached in fiscal 2011, Chief Executive Peter Bauer said Thursday.
"We want to achieve the 10% Segment [operating margin] result target already in the next fiscal year, that is 2011," Bauer said at the annual general meeting in Munich according to a prepared speech.
"Achieving [the margin target] is an essential condition for earning money, even in times of downturn," Bauer also said. He confirmed to focus on tight cost control.
To achieve an operating margin above 10% Infineon announced a cost-cutting program in the third quarter of fiscal 2008.
Infineon didn't achieved this target as previously planned in fiscal 2009 because the economic downturn led to a slump in demand for logic chips used in cars, machines and cellphones.
The company's fiscal year ends Sept. 30
The German semiconductor maker's shareholders will later Thursday elect new supervisory board members, ending the power struggle between Klaus Wucherer and Willi Berchtold. Both want to chair the supervisory board after Max Dietrich Kley's resignation as head of the company's supervisory board, which becomes effective at the end of Thursday's AGM.
Company Web site:www.infineon.com
-By Archibald Preuschat, Dow Jones Newswires, +49 211 138 7218, archibald.preuschat@dowjones.com
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