Renesas Electronics Corporation (TSE: 6723, “Renesas Electronics”), a provider of advanced semiconductor solutions, today announced that, following the approval of Renesas Electronics’ Board of Directors on May 12, 2017, it will consolidate its subsidiary Renesas System Design, Co., Ltd. (“Renesas System Design”) through an absorption-type merger.
The Merger will be conducted through an absorption-type merger method in which Renesas Electronics will be the surviving company, and Renesas System Design will be dissolved as the absorbed company.
There will be no changes to the company name, business activities, headquarters address, representative, capital, and end of fiscal year of Renesas Electronics as a result of the merger.
Since the Merger involves Renesas Electronics and Renesas Electronics’ consolidated wholly-owned subsidiary, no major impact is anticipated on Renesas Electronics’ consolidated financial results.
In October 2013, Renesas embarked on structural reforms aimed at building a reliable corporate structure capable of generating sustainable profit a stable business foundation. On November 2, 2016 Renesas announced its “mid-term growth strategy.” One element of the strategy was the decision to acquire Intersil Corporation (“Intersil”), which is engaged in the development, manufacturing, sale, and service of analog semiconductor devices. As of February 24, 2017, Renesas completed the acquisition of Intersil.