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Dec 2, 2008

Chipmaker Qimonda Cuts 1550 Jobs

Chipmaker Qimonda and labour representatives have agreed on management plans to cut 1,550 jobs in Germany, a spokesman said on Monday.

The loss-making company plans to slash 950 jobs at its production plant in Dresden and 600 in Munich and aims to implement the plans by the end of March 2009, the spokesman said.

Loss-making Qimonda, hit by a collapse in prices for its DRAM memory chips, which are used in personal computers, is cutting 3,000 jobs worldwide, around a third of its workforce.

The U.S-listed company said earlier on Monday it was making progress in talks with strategic and financial investors. It warned, however, that it would face liquidity shortfalls early next year should the talks fail.

Qimonda has implemented strict cost-cutting measures, put investments on hold and asked for state aid to keep its business operating.

Its parent company Infineon, which carved out and listed its former memory chip unit in 2006, has said it was not planning to inject any cash into Qimonda.

Source : Reuters
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