Renesas Electronics Announces Company Name Change of Consolidated Subsidiary
TOKYO--(BUSINESS WIRE)--Oct 30, 2019--
Renesas Electronics Corporation (“Renesas”, TSE: 6723), a premier supplier of advanced semiconductor solutions, today announced that, following the approval of Board of Directors on October 30, it will change the company name of its consolidated subsidiary, Integrated Device Technology, Inc. (“IDT”), which was acquired on March 30, 2019, as described below.
1. Name of the Subsidiary after Change
Renesas Electronics America, Inc.
2. Overview of the Subsidiary
Integrated Device Technology, Inc.
6024 Silver Creek Valley Road, San Jose, CA 95138, USA
Sailesh Chittipeddi, President and CEO
Development, manufacture, and sale of mixed signal analog IC devices
2,952,449 thousand US$
3. Reason for the company name change of the subsidiary
Renesas has been executing its growth strategy to thrive as a world-leading embedded solution provider in the rapidly changing global semiconductor market. As pillars of its growth strategy, Renesas is working to expand its analog solution lineup and to strengthen its kit solution offerings that combine its world-leading microcontrollers (MUCs), system-on-chips (SoCs) and analog products. As part of this initiative, the company already completed the acquisition of Intersil Corporation in February 2017, and acquired IDT in March 2019, to contribute further towards the growth of solution offerings through acquiring analog products and business opportunity expansion. Since the completion of IDT acquisition, post-merger integration (PMI) is underway in order to improve business efficiency, and to generate further synergies, and now plans call for the reorganization of IDT’s subsidiaries.
In January 2020 IDT will execute an absorption-type merger with Renesas Electronics America Inc., a U.S. subsidiary of Renesas, with IDT as the surviving company. IDT will then change its company name to Renesas Electronics America Inc. In parallel Renesas will continue to rectify the regional subsidiaries, and from January 2020 onwards, all remaining IDT subsidiaries will in principle, adopt company names starting with “Renesas” with an aim to accelerate the organic growth of the corporate group.
4. Date of Subsidiary’s Name Change
January 1, 2020 (planned)
About Renesas Electronics Corporation
Renesas Electronics Corporation ( TSE: 6723 ) delivers trusted embedded design innovation with complete semiconductor solutions that enable billions of connected, intelligent devices to enhance the way people work and live. A global leader in microcontrollers, analog, power, and SoC products, Renesas provides comprehensive solutions for a broad range of automotive, industrial, home electronics, office automation, and information communication technology applications that help shape a limitless future. Learn more at renesas.com.
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Renesas Electronics Corporation
KEYWORD: CALIFORNIA UNITED STATES JAPAN NORTH AMERICA ASIA PACIFIC
INDUSTRY KEYWORD: SEMICONDUCTOR HARDWARE ELECTRONIC DESIGN AUTOMATION CONSUMER ELECTRONICS TECHNOLOGY
SOURCE: Renesas Electronics Corporation
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PUB: 10/30/2019 02:01 AM/DISC: 10/30/2019 02:01 AM