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To: Thomas G. Busillo who wrote (36380)	7/20/1998 10:52:00 AM
From: DJBEINO	Read Replies (1) of 53903

Contrary to report, Siemens says it has no plans to sell chip factories Copyright c 1998 The Associated Press FRANKFURT, Germany (July 19, 1998 6:05 p.m. EDT German electronics group Siemens on Sunday dismissed as "pure nonsense" reports it planned to close or sell five memory chip factories. Company spokesman Eberhard Posner said there were no concrete plans for Siemens' memory chip operations, and that none would be made until September at the earliest. Der Spiegel magazine reported Saturday that Siemens planned to shed its memory chip operations following substantial losses in its semiconductor business. The Hamburg-based magazine, which did not cite sources for its report, said the company planned to shut down or sell five chip factories. "It is true we will have to adjust capacity, but that does not mean we plan to sell any of the factories," Posner said, adding that the Spiegel report was "pure nonsense." Siemens has said it expects a loss of more than 1 billion marks ($560 million) in its semiconductor business during the fiscal year that runs through September. That compares with a net profit of 109 million marks ($61 million) the previous year.

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