Renesas Electronics Corporation Commences Operations

TOKYO--(BUSINESS WIRE)-- Completing a merger transaction between the former NEC Electronics Corporation and Renesas Technology Corp., the newly established Renesas Electronics Corporation (TSE: 6723) today announced 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 134.6billion yen.

Renesas Electronics’ new corporate philosophy and corporate vision areas 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.

Outline of Renesas Electronics

Company Name:

  Renesas Electronics Corporation

Registered Head Office:

1753 Shimonumabe, Nakahara-ku, Kawasaki, Kanagawa 211-8668, Japan

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 stockholders and ownership ratio of Renesas Electronics Corporation]

NEC Corporation 

     

33.97%

Hitachi, Ltd.

30.62%

Mitsubishi Electric Corporation

25.05%

Japan Trustee Services Bank, Ltd. (Note)

1.49%

(Trust Account from The Sumitomo Trust and Banking Co., Ltd. for retirement benefit Trust Account of NEC Corporation)

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 onesupplier of microcontrollers, is a premiere supplier of advancedsemiconductor solutions including microcontrollers, SoC solutions and abroad-range of analog and power devices. Business operations began asRenesas Electronics in April 2010 through the integration of NECElectronics Corporation (TSE:6723) and Renesas Technology Corp., withoperations spanning research, development, design and manufacturing for awide range of applications. Headquartered in Japan, Renesas Electronicshas subsidiaries in 20 countries worldwide. More information can be found at www.renesas.com.