News Article
Infineon Technologies Has Cancelled A Shareholder Agreement With Mosel
Infineon Technologies has cancelled a shareholder agreement with Mosel
Vitelic on its ProMOS joint venture in Taiwan, effective January 1, 2003.
Infineon says this is due to repeated material breaches of contract by Mosel
Vitelic despite prior warning.
A product purchase agreement - which establishes the rights of both partners
to purchase products from ProMOS - will also terminate. ProMOS can currently
only manufacture its products under a license agreement with Infineon.
Therefore, Infineon intends to negotiate a new supply agreement with ProMOS.
Infineon remains a shareholder in ProMOS and is strongly represented in the
board of directors of ProMOS. The company's holding is 28%, compared with
Mosel Vitelic's near 40% cut.
to purchase products from ProMOS - will also terminate. ProMOS can currently
only manufacture its products under a license agreement with Infineon.
Therefore, Infineon intends to negotiate a new supply agreement with ProMOS.
Infineon remains a shareholder in ProMOS and is strongly represented in the
board of directors of ProMOS. The company's holding is 28%, compared with
Mosel Vitelic's near 40% cut.
