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