The chief executive of chipmaker Infineon Technologies predicted this morning the global semiconductor market would grow 20 per cent in 2004, raising his previous estimate of 18 per cent.
Mr Ulrich Schumacher will make the remarks in a speech to be delivered at the German company's annual shareholders' meeting later in the morning.
The forecast was still more conservative than those of some market research organisations, which have estimated 2004 growth at up to 25 per cent as the industry recovers from its worst-ever slump.
Mr Schumacher also reiterated he wanted Infineon to play a role in expected consolidation of the semiconductor industry.
Shareholders will be asked to vote on a proposed €55 million top-up of the company's authorised share capital to its previous level of 350 million euros. Mr Schumacher also repeated that he saw the company making a profit in its current 2003/04 fiscal year.
Infineon posted its second consecutive quarterly profit on Monday after two-and-a-half years of losses.