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Japanese Firms to Aid Ailing Renesas
Eight Japanese companies have agreed to invest about $126 million to acquire a combined 5% stake in struggling microchip maker Renesas Electronics Corp., The Nikkei reports.
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Eight Japanese companies have agreed to invest about $126 million to acquire a combined 5% stake in struggling microchip maker Renesas Electronics Corp., The Nikkei reports.
The investors all major Renesas customers are Canon, Denso, Keihin, Nikon, Nissan, Panasonic, Toyota and Yaskawa Electric.
Renesas supplies about 30% of the world's microprocessors. When the company's plant in Japan was damaged by the country's earthquake last year, the disruption hurt car production around the world.
Japan's government-supported Innovation Network Corp. investment fund plans to pump nearly $2.4 billion into Renesas and take control of the company's management. The Nikkei says final arrangements are expected within weeks.
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