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Renesas confirms transfer rumours

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Renesas Electronics, Renesas Northern Japan Semiconductor, Inc., a wholly owned subsidiary of Renesas Electronics, and Fuji Electric Co., Ltd have signed an agreement to transfer the Tsugaru factory (Goshogawara, Aomori) to Fuji Electric. The companies plan to complete the transfer on July 1, 2012.Renesas Northern Japan Semiconductor will transfer its business operation of the Tsugaru Factory to its wholly owned subsidiary, which is scheduled to be established 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.

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