Renesas Electronics started operation in April 2010, through the integration of NEC Electronics Corporation and Renesas Technology Corporation. NEC Electronics was established in November 2002 by a spin-off of the semiconductor operations of NEC. Renesas Technology was established on April 1, 2003, as a joint venture of Hitachi, Ltd. (55%) and Mitsubishi Electric (45%).
In April 2009, Renesas Technology and NEC Electronics reached a basic agreement to merge by around April 2010.
On April 1, 2010 NEC Electronics and Renesas Technology merged forming Renesas Electronics which became the fourth largest semiconductor company according to iSuppli published data.
For the year ended March 31, 2012, Renesas Electronics lost 62.6 billion yen. The Yomiuri Shimbun has reported that the company will eliminate 6,000 jobs, or about 15 percent of its worldwide workforce of 42,000. The company has now recorded losses in both years of its existence.
The company is considering selling, closing, or reducing production at 10 of 18 domestic plants in Japan. If the plan goes ahead, 40,000 other companies are expected to be impacted.
Read more about this topic: Renesas Electronics
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