Renesas Electronics Announces its Plan to Transfer Factory of Subsidiary to Fuji Electric
TOKYO, Japan, March 28, 2012 — Renesas Electronics Corporation (Renesas Electronics, TSE: 6723), a premier supplier of advanced semiconductor solutions, today announced that Renesas Electronics, Renesas Northern Japan Semiconductor, Inc. (Renesas Northern Japan Semiconductor), a wholly owned subsidiary of Renesas Electronics, and Fuji Electric Co., Ltd (Fuji Electric) have signed an agreement to transfer Renesas Northern Japan Semiconductor's Tsugaru factory (Goshogawara, Aomori) to Fuji Electric. The companies plan to complete the transfer on July 1, 2012.
To improve in-house, front-end manufacturing efficiency by promoting larger wafers, and miniaturization, Renesas has been reviewing various measures for its manufacturing sites. As part of this ongoing review process, an agreement has been reached to transfer the Tsugaru Factory to Fuji Electric, which had been considering a new manufacturing facility to further expand the supply capacity of its power semiconductor business.
Renesas Northern Japan Semiconductor will transfer its business operation of the Tsugaru Factory to its wholly owned subsidiary, which is scheduled to be established (the “new company”) through an absorption-type separation (Kyushu-bunkatsu) effective on the transfer completion date, July 1, 2012. Upon this absorption-type separation, all of the new shares of common stock for the new company will be allocated to Fuji Electric.
Additionally, Renesas Electronics, Renesas Northern Japan Semiconductor, the new company, and Fuji Electric will conclude an agreement whereby the new company will manufacture under contract Renesas Electronics and Renesas Northern Japan Semiconductor products currently being produced at the Tsugaru Factory. Those customers purchasing such products will be assured an uninterrupted supply following the transfer of the Tsugaru Factory, with Renesas Electronics and Renesas Northern Japan Semiconductor continuing to provide products of the same quality and via the same sales channels as before.
Refer to the separate sheet for an overview of Renesas Northern Japan Semiconductor and the transfer of the Tsugaru Factory.
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 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.