News Article
Infineon spins off wearable electronics operations
Number one European chip maker Infineon has sold its wearable electronics operations to Interactive Wear in a management buy-out.
Number one European chip maker Infineon has sold its wearable electronics operations to Interactive Wear in a management buy-out.
Under the deal, Germany-based Interactive Wear has acquired Infineons wearable electronics patents and licenses, developmental hardware and software and customer base.
The company has also taken ownership of Infineons wearable electronics parts inventory and the finished wearable electronics products. The two companies have agreed not to disclose the sale price.
Infineon said it had decided to dispose of its wearable electronics division as part of its strategy of focusing on its core operations.
"By spinning off our wearable electronics activities, Infineon is following through on its strategy and is concentrating on its core business," said Infineon corporate vice president Dominik Asam.
Markus Strecker, Infineons former head of engineering for wearable electronics, has been appointed chief technical officer of Interactive Wear. He is joined by Andreas Roepert (chief executive officer) and Awa Garlinska (chair of the supervisory board).
Roepert said: "Thanks to the technological head start and network of partners that we acquired from Infineon, and to the extremely positive market appraisal from various analysts, who anticipate a market volume of up to one billion US dollars for technical textiles in 2008, we see excellent market opportunities and developmental potential for our company."
Under the deal, Germany-based Interactive Wear has acquired Infineons wearable electronics patents and licenses, developmental hardware and software and customer base.
The company has also taken ownership of Infineons wearable electronics parts inventory and the finished wearable electronics products. The two companies have agreed not to disclose the sale price.
Infineon said it had decided to dispose of its wearable electronics division as part of its strategy of focusing on its core operations.
"By spinning off our wearable electronics activities, Infineon is following through on its strategy and is concentrating on its core business," said Infineon corporate vice president Dominik Asam.
Markus Strecker, Infineons former head of engineering for wearable electronics, has been appointed chief technical officer of Interactive Wear. He is joined by Andreas Roepert (chief executive officer) and Awa Garlinska (chair of the supervisory board).
Roepert said: "Thanks to the technological head start and network of partners that we acquired from Infineon, and to the extremely positive market appraisal from various analysts, who anticipate a market volume of up to one billion US dollars for technical textiles in 2008, we see excellent market opportunities and developmental potential for our company."
