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Infineon confirms thrice-reduced guidance, Cypress deal on track

Infineon confirms thrice-reduced guidance, Cypress deal on track
FILE PHOTO: A close-up of a the Infineon microcontroller kit XMC 4700 is pictured at an exhibition during the German semiconductor manufacturer Infineon's annual shareholder meeting in Munich, February 21, 2019. REUTERS/Andreas Gebert -
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ANDREAS GEBERT(Reuters)
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FRANKFURT (Reuters) – German chipmaker Infineon said on Thursday it expected to meet its thrice-lowered guidance for the business year to Sept. 30 as it reported fiscal third-quarter sales and profit that were in line with market expectations.

Munich-based Infineon, which in June agreed to buy Silicon Valley-based Cypress Semiconductor for $10 billion, said the deal was on track to close either towards the end of this calendar year or in early 2020.

(Reporting by Douglas Busvine; Editing by Michelle Martin)

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