Mexican Media Brands
Japan to Take Control of Chipmaker Renesas
Government-owned Innovation Network Corp. of Japan has agreed to invest 138 billion yen ($1.7 billion) in floundering chipmaker Renesas Electronics Corp. in exchange for a 69.2% stake in the company.
#electronics
Share
Government-owned Innovation Network Corp. of Japan has agreed to invest 138 billion yen ($1.7 billion) in floundering chipmaker Renesas Electronics Corp. in exchange for a 69.2% stake in the company.
Eight Renesas customers, including Denso, Nissan and Toyota, pledged last month to invest 12 billion yen ($145 million) and receive an estimated combined stake of 6%. The supplier also received 258 billion yen ($3.1 billion) in loans from its banks and major shareholders.
The government aims to appoint new management and push further restructuring at Renesas, which has shed 7,500 employees this year and aims to sell or close eight of its 18 plants within three years.
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 hurt car production almost everywhere.
News reports say Japan stepped in to preserve domestic ownership of the company after New York City-based private equity firm KKR & Co. tried to buy Renesas last summer for 100 billion yen ($1.2 billion).
RELATED CONTENT
-
2018 Ford EcoSport: Small Is the New Big
Eric Loeffler, chief program engineer for the 2018 Ford EcoSport, recalls driving home from work one day from the product development center in Brazil where work was underway on developing the vehicle that will be coming to the U.S. in 2018, having been launched in 2003 in South America and is now become available in 140 countries around the world.
-
Volvo: Much Ado About Not Much
Every Volvo launched from 2019 on will have an electric motor.
-
TRW Multi-Axis Acceleration Sensors Developed
Admittedly, this appears to be nothing more than a plastic molded part with an inserted bolt-shaped metal component.