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

CEO Reinhard Ploss.said that regardless of the ongoing unfavourable macroeconomic conditions, we still expect to achieve our targets for the current fiscal year.

“The underlying drivers of our future markets are very much intact and continue to provide good long-term growth prospects to Infineon. The Infineon and Cypress portfolios complement each other ideally.”

He said: “The acquisition will enable us to strengthen our core power semiconductor business in the long term. With Cypress, Infineon will be able to gain an even stronger foothold in important future markets and accelerate the pace of growth.”

Revenue of 2.015 billion euros was two per cent higher than the previous quarter.

Operating profit of 283 million euro was down from the prior period, but also in line.

Infineon said it was on track to achieve its full year goal for revenue growth of five percent or more, with a segment margin - management’s preferred measure of profitability - of 16 percent .

In the fiscal fourth quarter, revenue is forecast to grow by a percent, with a segment margin of 14.5 percent .