IFNNY Infineon Technologies AG (QX)

By Mauro Orru

Infineon Technologies AG changed the name of its industrial power control division to Green Industrial Power, as the German chip maker seeks to cash in on renewable energy, grid expansion and charging infrastructure.

Infineon said Monday that the name change is already effective.

"The focus on industrial business has made us highly successful. This field will continue to grow in the future. At the same time the decarbonization of energy supplies and mobility will additionally accelerate the growth of renewable energies, grid expansion and charging infrastructures," said Peter Wawer, president of the Green Industrial Power division.

Last week, the group raised guidance for its fiscal second quarter and the entire fiscal year, citing the resilience of its core automotive and industrial businesses.

Chief Executive Jochen Hanebeck said in February that Infineon's automotive and industrial businesses were benefiting from energy-transition trends and the expansion of electromobility, while sales of chips for smartphones, computers and data centers were significantly weaker.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

April 03, 2023 03:33 ET (07:33 GMT)

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