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Electronics Production | February 03, 2009

EU can't help Qimonda

The EU Industry Commissioner Guenter Verheugen sees no possibility to save the insolvent German chip manufacturer Qimonda - not even with EU help.
Mr Verheugen, told the German newspaper Sächsische Zeitung: "No one can save a company that its owner does not wants to save." Saxony's Economy Minister Thomas Jurk, had asked for EU support for the European chip industry. However, the Saxon government only asked in January for help for the insolvent chip manufacturer.

The goal was to find possibilities of a short-term rescue and not for any long-term strategies. "In general, EU funding is not to be used to rescue companies," said Günter Verheugen in the report.

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