That means almost anything battery-powered or using an electric motor or power supply. Infineon's chief executive, Reinhard Ploss, said the "landmark" deal would advance its industrial and automotive ambitions. "Our business model is becoming more robust, we are accelerating our profitable growth, and strengthening Infineon's earnings," he said on an analyst conference call Monday. "With this transaction, we will be able to offer our customers the most comprehensive portfolio for linking the real with the digital world," he added. The deal comes amid a slowdown in overall semiconductor demand. Infineon, blaming weakness in global car production and economic uncertainty in China, slashed its annual sales forecast in April from $10 billion to $9.2 billion. Infineon warned that sales growth in the second half of 2019 would be slower than it projected. Global chip sales are expected to plunge 8% in 2019, the biggest annual decline in a decade, according to IHS Markit.