Infineon to float memory chips business on NYSE
 

Infineon, the German semi-conductors giant, says it plans to list its memory chips business Qimonda on the New York Stock Exchange (NYSE) in the second half of this year.

The exact timing and the size of the initial public offering (IPO), which was approved by the supervisory board at a meeting on Wednesday, would depend on market conditions, Infineon said Wednesday.

"Qimonda plans an IPO if market conditions allow in the second half of this year," the statement said.

"The management board will decided on the detailed size, structure and conditions of the offering in due time."

The IPO would target private investors in the United States and institutional investors outside the country and would comprise the issue of new shares, as well as the placement of some of Infineon's own shares.

Infineon would retain a majority stake in Qimonda, it added.

Infineon said late last year that it intended to pull out of its memory chips business, which accounts for around 40 percent of overall group sales, because of the cyclical nature of the business and the ferocious competition, particularly from Asian rivals.

The business, in which Infineon employs around 12,000 people worldwide, last year reported annual sales of 2.826 billion euros, but operating profit of only 122 million euros.