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Japan Bails Out Renesas
Government-owned Innovation Network Corp. of Japan (INCJ) is investing $1.7 billion to buy a 69.2% stake in floundering chipmaker Renesas Electronics Corp.
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Government-owned Innovation Network Corp. of Japan (INCJ) is investing $1.7 billion to buy a 69.2% stake in floundering chipmaker Renesas Electronics Corp.
The company supplies about 30% of the world's microprocessors. When Renesas' plant in Japan was damaged by the country's earthquake last year, the disruption crippled the company and disrupted car production almost everywhere.
Eight Renesas customers, including Denso, Nissan and Toyota, pledged last month to collectively invest $145 million and receive an estimated combined stake of 6%.
Renesas also received $3.1 billion in loans from its banks and major shareholders. Renesas is requesting an additional $606 million of aid from Innovation Network.
The company has shed 7,500 employees this year and aims to sell or close eight of its 18 plants within three years. Over five years, Renesas plans to invest $1.7 billion of the funds raised on upgrading its factories and developing new microcontrollers.
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