Tuesday, March 19, 2013

Renesas Electronics reaches definitive agreement to transfer subsidiaries’ back-end facilities and others to J-Devices

JAPAN: Renesas Electronics Corp. announced that Renesas and J-Devices Corp. have signed a definitive agreement to transfer Renesas subsidiaries’ back-end facilities and others to J-Devices following a Memorandum of Understanding, which was announced on January 30, 2013 in the news release “Renesas Electronics and J-Devices Sign Memorandum of Understanding on Transfer of Back-End Facilities”.

In this transfer, Renesas defines its wholly owned subsidiaries, Renesas Northern Japan Semiconductor, Inc., Renesas Kansai Semiconductor Co. Ltd, Renesas Kyushu Semiconductor Corp. and Renesas Northern Japan’s wholly owned subsidiary, Hokkai Electronics Co. Ltd as “splitting companies in absorption-type split”.

Through an absorption-type corporate split, Renesas will transfer assets, debts, other rights and obligations related to partial back-end production business of the splitting companies in absorption-type split (back-end production business of the Hakodate Factory of Renesas Northern Japan and the Fukui Factory of SKS, back-end production business and contract manufacturing service of the Kumamoto Factory of Renesas Kyushu, and production support business of Hokkai Electronics to a wholly owned subsidiary that Renesas will newly establish. Then, Renesas will transfer all issued shares of the subsidiary to J-Devices.

The DA aims at building a long-term, mutually beneficial relationship between Renesas and J-Devices as strategic partners in the semiconductor production business. With the agreement as the basis, the two companies intend to complete the transfer on June 1, 2013.

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