Renesas Electronics Corp. commences operations

TOKYO, JAPAN: Completing a merger transaction between the former NEC Electronics Corp. and Renesas Technology Corp., the newly established Renesas Electronics Corp. 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 Corp., Hitachi, Ltd and Mitsubishi Electric Corp. in exchange for an aggregate of approximately 134.6 billion yen.

Renesas Electronics’ new corporate philosophy and corporate vision are as follows.

[Corporate Philosophy]
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.

[Corporate Vision]
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.