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Tuesday, March 12, 2013
Renesas Considering Selling Its Mobile Business

Renesas Electronics Corp will decide in fiscal 2013 whether to sell its loss-making mobile chip business, the company said on Tuesday.

Over the last few years, in a challenging economic context in Japan and internationally, the Renesas Group (Renesas Electronics Corporation and Renesas Mobile Corporation) has accelerated structural reforms such as realignment of business portfolio and production sites, as well as reduction in workforce in order to safeguard its competitiveness. However, the group needs to look at further measures, considering tougher-than-expected market conditions surrounding it. In the light of this, the Renesas announced today that it would be reviewing the scope of its activities, and refocusing its efforts and resources on its core business.

Renesas has decided to explore divestiture of Renesas Mobile Corporation (RMC) or explore alternative business models for Renesas Mobile Corporation, which would include all RMC's mobile business activities in all geographies, other than the business operations related to car information system and the industrial equipment business conducted by RMC.

RMC and its subsidiaries have reported significant financial losses over the last two years.

"I am proud of the expertise and professionalism with which RMC employees continue to apply for increased customer value. Renesas Electronics Group is committed to finding a reasonable solution for all stakeholders" said Tetsuya Tsurumaru, President of Renesas Electronics Corporation.

Renesas, the world's No. 1 maker of microcontroller chips used in cars, received a $1.8 billion government-led bailout last year. Renesas acquired its mobile chip business from Nokia in 2010.

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