Infineon looks to Switzerland for new headquarters
LONDON German chip maker, Infineon is considering Switzerland as a possible area to relocate its corporate headquarters. The company is also considering locations in South East Asia and the U.S, according to reports from pressetext.europe.
Infineon chief executive Ulrich Schumacher plans to complete negotiations with tax authorities in six months and present concrete proposals for the foreign relocation of the company's headquarters by the end of the year.
According to an initial report by WirtschaftsWoche (WiWo), Schumacher is reviewing several models for a future company structure, as well the three location options.
Schumacher said Switzerland ranks at the top of the list of European countries, "as many other large groups have already moved there".
The second choice is Southeast Asia, in particular Singapore, which is close to important purchaser markets. According to Schumacher the United States is the least likely of the three options, but would offer the best access to capital markets.
The company expects to save several hundred million euros by relocating and hopes this will help it secure jobs in Germany in the long term. About 300 managers will be affected by the changes, according to the report.