Renesas Electronics Corporation Commences Operations
TOKYO, Japan, April 1, 2010--Completing a merger transaction between the former NEC Electronics Corporation and Renesas Technology Corp., the newly established Renesas Electronics Corporation (TSE: 6723) today announced that it has commenced business operations.
Upon approvals from the Renesas Electronics Board of Directors held earlier today, Junshi Yamaguchi became the Chairman and Yasushi Akao became the President of the Board of Directors of Renesas Electronics. Renesas Electronics also announced that the company issued shares of its common stock to NEC Corporation (NEC; TSE: 6701), Hitachi, Ltd. (Hitachi; TSE: 6501), and Mitsubishi Electric Corporation (Mitsubishi Electric; TSE: 6503) in exchange for an aggregate of approximately 134.6 billion yen.
Renesas Electronics' new corporate philosophy and corporate vision are as follows.
Harnessing our collective expertise in new technologies, Renesas Electronics Corporation contributes to a world where people and the planet prosper in harmony by realizing our vision and building our future.
We will be first to respond to customer needs worldwide with our creative power and technology innovations to become a strong, growing semiconductor manufacturer and a trustworthy partner.
Supporting the corporate philosophy and corporate vision, Renesas Electronics will focus on three areas of technology expertise, including microcontrollers, SoC solutions, and analog & power devices. The company aims to generate synergies to establish a strong new semiconductor company that is capable of consistently achieving high earnings in order to withstand changing semiconductor market conditions. In addition, Renesas Electronics will leverage its resources generated through streamlined operations and focus on expanding businesses in the global market.
Outline of Renesas Electronics
|Company Name||:||Renesas Electronics Corporation|
|Registered Head Office||:||1753 Shimonumabe, Nakahara-ku, Kawasaki, Kanagawa|
|Headquarters||:||Nippon Bldg., 2-6-2, Ote-machi, Chiyoda-ku, Tokyo 100-004, Japan|
|Capital Stock||:||153,255,000,915 yen (including the third-party allotment completed today) |
|Major Operations||:||Research, development, design, manufacture, sale, and servicing of semiconductor products|
|Employees||:||Approximately 47,000 (As of April 1, 2010, Consolidated)|
(Note) 1.54% of shares which are owned by Japan Trustee Services Bank, Ltd. (Re-trust of The Sumitomo Trust and Banking Co., Ltd./NEC Corporation pension and severance payments Trust Account) were shares that were contributed by NEC as severance indemnities trusts. The voting rights of such shares will be exercised at the instruction of NEC.
About Renesas Electronics Corporation
Renesas Electronics Corporation (TSE: 6723), the world's number one supplier of microcontrollers, is a premier supplier of advanced semiconductor solutions including microcontrollers, SoC solutions and a broad range of analog and power devices. Business operations began as Renesas Electronics in April 2010 through the integration of NEC Electronics Corporation (TSE:6723) and Renesas Technology Corp., with operations spanning research, development, design and manufacturing for a wide range of applications. Headquartered in Japan, Renesas Electronics has subsidiaries in approximately 20 countries worldwide. More information can be found at www.renesas.com.
The content in the press release, including, but not limited to, product prices and specifications, is based on the information as of the date indicated on the document, but may be subject to change without prior notice.