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To: Ian@SI who wrote (2651)	3/17/1999 10:09:00 AM
From: Duker	Respond to of 5867

Infineon' to become name of Siemens Semiconductors MUNICH--Siemens AG here today revealed the name of its semiconductor spinoff, which will be called Infineon Technologies AG when it is officially formed on April 1. The formation of Siemens Semiconductors as Infineon Technologies is a prerequisite for listing the group on stock exchanges late this year or early in 2000, according to Siemens. Until then, the new chip company will be a wholly-owned subsidiary of Siemens, which has been working towards the spinoff its semiconductor business since last year. Siemens said it believes the public capital markets are better suited to finance a semiconductor business than its own internal resources. After more than a year of restructuring and cost cuts, Siemens said it now believes its chip business is ready to compete as an independent company. The name "Infineon" combines the English word "infinity" with "eon," the ancient Greek word for eternity, to suggest the notion of unlimited possibility, perseverance, innovation and reliability, according to Siemens. Munich-based Infineon will begin life as a major force in the world's semiconductor markets. Siemens' semiconductor revenues were $3.8 billion (DM 6.7 billion), and it was ranked the 10th largest chip supplier in the world, according to the company. Infineon will have about 25,000 employees worldwide. Siemens Semiconductors president Ulrich Schumacher will be Infineon's president and CEO. Schumacher's management team will comprise Peter Fischl (head of finance), Andreas von Zitzewitz (head of operations), Sonke Mehrgardt (head of technology) and Peter Bauer (head of sales and marketing). Volker Jung, a member of Siemens' corporate executive committee, will be the chairman of Infineon's supervisory board. Jung will complete the formation of Infineon's board within the next weeks, according to Siemens. "This move is a major milestone en route to a public listing at a time when the generally expected upswing in demand for semiconductors takes place," Schumacher said. "We are creating a new company with a new identity and a dynamic spirit that will take us into a prosperous future."