German chipmaker Infineon Technologies AG promised an "extremely aggressive" expansion program in China, following the opening of a US$1 billion memory chip assembling and testing joint venture in Suzhou. The venture, of which Infineon owns 72.5%, will come on stream by the end of the year and have a maximum capacity of 1 billion chips annually, employing 1,000 people. By 2007 the company has said it plans to triple its headcount and invest some US$1.2 billion in its China operations. Over the past three years the company said its China sales had grown 30% annually. Over the next five years it is aiming to expand even faster, looking to secure a 10% share of China's US$38 billion chip market, the company said.
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