Infineon Moves Against ProMOS
The Inifineon staff were removed from their positions at a ProMOS extraordinary shareholder meeting on January 10, 2003. Angela Shih will again serve as supervisor and Michael Buckermann as member of the ProMOS Board of Directors.
Infineon also reports that it has terminated a technology license agreement with ProMOS. The German company says that this is due to a serious breach of contract. Infineon objects to ProMOS supplying products manufactured with Infineon technology to Mosel Vitelic. Infineon maintains that the necessary relationship of trust between the contract partners for such a license agreement has been destroyed. As a result of the termination, ProMOS will no longer be allowed to manufacture products based on Infineon technology.
Infineon and Mosel Vitelic signed a shareholders agreement for the foundation of the joint venture ProMOS in 1996. ProMOS supplied all DRAM products manufactured on licensed Infineon technology to Infineon. The German company then supplied Mosel Vitelic with DRAM products.
Infineon explains the move: "However, there is no more a basis to continue this cooperation because of repeated violations of the shareholders agreement by Mosel Vitelic, the breach of the license agreement by ProMOS and further measures by Mosel Vitelic, which controls the ProMOS board, impairing the partnership."
