German semi-conductor group Infineon has announced it will axe 3,000 jobs after posting a net loss of almost 600 million euros in the third quarter.
The cuts constitute almost 10 percent of the company's entire workforce. They are to be spread across all sites, functions and levels within the company. Infineon boss Peter Bauer said two-thirds of the cuts would affect German jobs and outright dismissals were not excluded. The move was said to be part of a broader programme designed to save the company 200 million euros per year. Infineon is Europe's second biggest semiconductor group.
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