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Troubled German chip maker Qimonda to slash 3,000 jobs

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Troubled German chip maker Qimonda to slash 3,000 jobs
Photo: DPA
12:20 CEST+02:00
The distressed German memory chip maker Qimonda unveiled on Monday a restructuring programme which will affect 3,000 jobs in a total 13,500 worldwide.

The restructuring plan should provide Qimonda with savings of about €450 million ($610 million) per year from the end of 2009, the company said in a statement. Costs from the plan were estimated at €50 million.

Qimonda, a memory chip specialist owned by the German IT group Infineon, has suffered heavy losses from slumping prices that at times have been greater than overall sales.

Four sites were concerned by the plan announced on Monday, the company's headquarters in southern Munich, a plant in eastern Leipzig, and a US facility in Raleigh, North Carolina. Another US factory in Richmond, Virgina would be closed.

The German company has also said that it will sell a stake of 35.6 percent that it owns in Inotera, which makes computer chip wafers to US rival Micron. Qimonda expected to earn 296 million euros from the sale. Finally, the group said that financial director Michael Majerus would leave the company "at his request."

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