At least the company can no longer afford to keep extra mouths to feed here.
It is not only humanitarian issues that can force companies to relocate their employees to other countries. As noted ReutersAt a quarterly reporting event, German chip maker Infineon Technologies announced that management needed to cut 1,400 jobs worldwide and move the same number from Germany to lower-wage countries.
Image source: Infineon Technologies
Formally, if a laid-off employee wants to keep his job at the company, he will have to agree not only to move to another country, but also to a salary reduction. These measures will also affect several hundred employees of the plant in Regensburg, Germany. In the last quarter, Infineon’s revenue fell by 9.5% to 3.7 billion euros, and in the automotive sector, revenue for the year fell from 2.13 to 2.11 billion euros. In this segment, Infineon’s revenue grew only sequentially, since the specific content of chips in cars is still growing, although the demand for electric cars did not meet investor expectations.
