Infineon told shareholders at it's annual general meeting that it will spinoff its memory business as a completely independent company, and not in the form of a subsidiary.
Originally, Infineon had said it planned to keep the memory business under its wings. When announced in November 2005, Ziebart said an IPO was possible, but did not elaborate on that likelihood.
The move outlined yesterday will see the creation of two distinct businesses, a to-be-named memory company and Infineon, which will put its focus on logics. The new company will start off as an Infineon wholly owned subsidiary on July 1 with a floatation to follow, retain its operational headquarters in Germany, and see Kin Wah Loh, a member of Infineon’s management board and currently responsible for memory products, placed at the helm.