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NEC Electronics and Renesas to create semicon giant

NEC Electronics and Renesas, the joint venture between Hitachi and Mitsubishi, are exploring the option of merging their businesses – with a view to signing an agreement by July 2009, and beginning combined operations by May 2010.

A statement from the company said a new integrated company would have three major product groups, MCUs, SoCs, and discrete products, and will become the world’s third-largest semiconductor business. Both companies provide their technology to the mobile phone chip industry.

A statement from the companies said, “In order to address the ongoing challenges of the current economic downturn, NEC Electronics and Renesas will each execute structural reform plans in order to strengthen their business frameworks. Upon completion of these structural reforms, the two companies will integrate their operations to achieve synergies and boost profitability. This integration will result in the establishment of a powerful new semiconductor company that is capable of consistently achieving high earnings and maintaining the ability to withstand changing market conditions.”

The new company will announce the company name, the location of its headquarters, the corporate representative, the board members, capitalization, total assets, and financial forecasts following the integration.

NEC Electronics has made net losses for each of the past three financial years. Renesas’ sales have been flat for the past three years, although it is profitable as a company.

NEC Electronics was established in 2002, separating from NEC, and Renesas was established in 2003, integrating semiconductor units at Hitachi and Mitsubishi Electric

Источник: Mobile Europe

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