Semiconductor specialist Infineon Technologies AG (www.infineon.com) has sold its IR Newport production facility to Neptune 6 Ltd, which intends to operate it under the name Newport Wafer Fab Ltd.

The deal includes a two-year supply agreement to ensure a smooth transition phase.

Jochen Hanebeck, a board member of Infineon, said: “I am convinced that we have found the right partner to secure production and jobs in Newport.

Knowing we would have to part with the site, it was my personal concern to make sure that it will be in good hands.

I am delighted that the solution we have found enables us to support our customers even better and more flexibly.

The transfer is a major step in consolidating our front-end manufacturing footprint after the acquisition of International Rectifier.”