TOKYO, Japan, February 19, 2014 — Renesas Electronics Corporation (TSE: 6723, “Renesas Electronics”), a premier provider of advanced semiconductor solutions, today announced that, under the approval of Renesas Electronics' Board of Directors, it will reorganize its manufacturing-related group companies in Japan by means of absorption-type separations and absorption-type mergers, with Renesas Electronics and its subsidiaries as the affected parties (the “reorganization”)
1. Objectives of the reorganization of the manufacturing-related group companies
As announced in the press releases, “Renesas Electronics Shows Direction of Renesas Group” dated
August 2, 2013, and “Renesas Electronics Issues New Business Direction Presentation ‘Reforming
Renesas’” dated October 30, 2013, with an aim of realizing a company that excels in the global
arena and contributes to all aspects of society, Renesas Electronics is implementing a reform plan, to
be achieved by promoting growth strategies while pursuing profitability with a two-digit operating
profit ratio as its target for the fiscal year ending March 31, 2017.
As part of this effort, the semiconductor manufacturing business of the Renesas Group is moving
forward with reforms with a consistent focus on profitability and promotion of autonomous management
as its hallmarks. Specifically, the semiconductor manufacturing business is undergoing structural
reforms based on (1) boosting production efficiency, (2) building a flexible manufacturing system to
respond to rapid market changes, and (3) maintaining and continuing in-house plants with advanced
technologies and cost competitiveness.
In line with these policies, the semiconductor manufacturing business, etc. at the front-end and
back-end manufacturing sites will undergo consolidation and the reorganization of
(manufacturing-related) group companies, with Renesas Electronics and its subsidiaries in Japan as the
affected parties. The goals of this undertaking are speeding up decision-making by simplifying and
improving the efficiency of the organization, uniformity of operation and overall optimization through
sharing of technology and expertise as well as establishment of common benchmarks and regulations,
clarification of responsibility and authority as well as a shift in consciousness toward a focus on
profitability through the setting up of independent companies, and further improvement of QCD through
specialization in manufacturing tasks.
The reorganization aims to boost production efficiency to the utmost and, while maintaining a high
production ratio, boost cost competitiveness through overall optimization and improved efficiency,
thereby realizing a manufacturing system capable of generating profits.
2. Outline of the reorganization of manufacturing-related group companies
[Reorganization of front-end production business]
As shown in figure-1 below, the reorganization to be implemented on April 1, 2014, will involve the front-end production business of Renesas Electronics, the front-end production businesses of its subsidiaries in Japan. It will involve absorption-type separations and absorption-type mergers, with Renesas Kansai Semiconductor Co., Ltd. (Renesas Kansai Semiconductor) as the successor company. The specifics are as follows:
- ① In an absorption-type separation, the crystal business of Renesas Northern Japan Semiconductor, Inc. (Renesas Northern Japan Semiconductor) will be spun off and absorbed by Renesas Kofu Semiconductor, Co., Ltd. (Renesas Kofu Semiconductor), a wholly-owned subsidiary of Renesas Northern Japan Semiconductor (absorption-type separation ①).
- ② After the implementation of ①, all the shares of Renesas Kofu Semiconductor will be spun off from Renesas Northern Japan Semiconductor and absorbed by Renesas Naka Semiconductor Co., Ltd. (Renesas Naka Semiconductor) in an absorption-type separation (absorption-type separation ②). As a result, Renesas Kofu Semiconductor will become a wholly-owned subsidiary of Renesas Naka Semiconductor.
- ③ After the implementation of ②, Renesas Naka Semiconductor, Renesas Semiconductor Engineering Corp. (Renesas Semiconductor Engineering), and Renesas Kofu Semiconductor will undergo an absorption-type merger, with Renesas Naka Semiconductor as the surviving company and Renesas Semiconductor Engineering and Renesas Kofu Semiconductor as the absorbed companies (absorption-type merger ①).
- ④ After the implementation of ① to ③, the semiconductor front-end production business of Renesas Semiconductor Kyushu Yamaguchi Co., Ltd. (Renesas Semiconductor Kyushu Yamaguchi) will be spun off and absorbed by Renesas Kansai Semiconductor In an absorption-type separation, (absorption-type separation ③).
- ⑤ After the implementation of ① to ④, Renesas Kansai Semiconductor and Renesas Naka Semiconductor will undergo an absorption-type merger, with Renesas Kansai Semiconductor as the surviving company and Renesas Naka Semiconductor as the absorbed company (absorption-type merger ②).
- ⑥ After the implementation of ⑤, the semiconductor front-end production business of Renesas Electronics will be spun off and absorbed by Renesas Kansai Semiconductor in an absorption-type separation (absorption-type separation ④).
- ⑦ After the implementation of ⑥, Renesas Kansai Semiconductor and Renesas Yamagata Semiconductor Co., Ltd. (Renesas Yamagata Semiconductor) will undergo an absorption-type merger, with Renesas Kansai Semiconductor as the surviving company and Renesas Yamagata Semiconductor as the absorbed company (absorption-type merger ③).
- ⑧ After the implementation of ⑦, the company name of Renesas Kansai Semiconductor will be changed to Renesas Semiconductor Manufacturing Co., Ltd., and the address of the head office will be changed to Hitachinaka, Ibaraki Pref.
[Reorganization of back-end production business]
As shown in figure-1 below, the reorganization to be implemented on April 1, 2014, will involve the back-end production business of Renesas Electronics and the back-end production businesses of its domestic subsidiaries, etc. It will involve an absorption-type separation and absorption-type mergers, with Renesas Semiconductor Kyushu Yamaguchi as the successor company. The specifics are as follows:
- ⑨ After the implementation of ②, Renesas Northern Japan Semiconductor; Renesas Yanai Semiconductor, Inc. (Renesas Yanai Semiconductor), Haguro Electronics Co., Ltd. (Haguro Electronics), and Hokkai Electronics Co., Ltd. (Hokkai Electronics), which are wholly-owned subsidiaries of Renesas Northern Japan Semiconductor; and Renesas Kyushu Semiconductor Corp. (Renesas Kyushu Semiconductor), a wholly-owned subsidiary of Renesas Electronics, will undergo an absorption-type merger, with Renesas Northern Japan Semiconductor as the surviving company and Haguro Electronics, Renesas Yanai Semiconductor, Hokkai Electronics, and Renesas Kyushu Semiconductor as the absorbed companies (absorption-type merger ④).
- ⑩ After the implementation of ⑥, the semiconductor back-end production business of Renesas Electronics will be spun off and absorbed by Renesas Semiconductor Kyushu Yamaguchi in an absorption-type separation (absorption-type separation⑤).
- ⑪ After the implementation of ⑨ and ⑩, Renesas Semiconductor Kyushu Yamaguchi and Renesas Northern Japan Semiconductor will undergo an absorption-type merger, with Renesas Semiconductor Kyushu Yamaguchi as the surviving company and Renesas Northern Japan Semiconductor as the absorbed company (absorption-type merger ⑤).
- ⑫ After the implementation of ⑪, the company name of Renesas Semiconductor Kyushu Yamaguchi will be changed to Renesas Semiconductor Package & Test Solutions Co., Ltd., and the address of the head office will be changed to Takasaki, Gunma Pref.
Figure-1 Structure before the reorganization and the Implementation Method
Figure-2 Structure after the reorganization
3. Absorption-type separation with Renesas Northern Japan Semiconductor as transferor and Renesas Kofu Semiconductor as successor
3-1. Summary of absorption-type separation
3-1-1. Schedule of absorption-type separation
① Approval of Board of Directors
February 19, 2014
② Conclusion of agreement
February 19, 2014
③ General meeting of shareholders
March 24, 2014 (planned)
④ Effective date
April 1, 2014 (planned)
3-1-2. Method of absorption-type separation
Refer to ① in section 2 “Outline of the reorganization of manufacturing-related group companies” on page 2.
3-1-3. Allocations associated with absorption-type separation
No allocations of stock, funds, etc., are associated with this absorption-type separation.
3-1-4. Share subscription rights and bonds with share subscription rights
None of the companies involved has issued share subscription rights or bonds with share subscription rights.
3-1-5. Rights and obligations transferred to the successor company
On the occasion of this absorption-type separation, Renesas Kofu Semiconductor will inherit from Renesas Northern Japan Semiconductor such assets, liabilities, contractual standing, and other rights and obligations pertaining to the business activities covered by the separation as are stipulated in the absorption-type separation agreement.
3-1-6. Ability to fulfill obligations
Renesas Electronics concludes that Renesas Kofu Semiconductor shall have abilities to fulfill all their debt obligations for which it is responsible.
3-2. Overview of parties to absorption-type separation (Fiscal year ended March 31, 2013)
| Successor in absorption-type separation | Transferor in absorption-type separation | |
|---|---|---|
| ① Company Name | Renesas Kofu Semiconductor, Co., Ltd. | Renesas Northern Japan Semiconductor, Inc. |
| ② Address | 4617, Nishiyahata, Kai, Yamanashi Pref. | 2-14-1, Kyobashi, Chuo-Ku, Tokyo |
| ③ Representative | Takanobu Ihara, President | Masashi Mori, President |
| ④ Major Operations |
|
|
| ⑤ Capital | 90 million yen | 2.55 billion yen |
| ⑥ Established | May 1, 1986 | October 1, 2002 |
| ⑦ Shares Issued | 1,800 | 6,648,000 |
| ⑧ Fiscal Term | March 31 | March 31 |
| ⑨ Major Stockholder and Ownership Ratios | Renesas Northern Japan Semiconductor, Inc.: 100% | Renesas Electronics Corporation: 100% |
| ⑩ Net Assets | 1,095 million yen | 7,720 million yen |
| ⑪ Total Assets | 1,507 million yen | 19,297 million yen |
| ⑫ Net Assets per Share | 608,447 yen | 1,161.27 yen |
| ⑬ Net Sales | 2,761 million yen | 31,915 million yen |
| ⑭ Operating Income (Loss) | 297 million yen | 1,379 million yen |
| ⑮ Ordinary Income (Loss) | 309 million yen | 1,991 million yen |
| ⑯ Net Income (Loss) | 216 million yen | 189 million yen |
| ⑰ Net Income (Loss) per Share | 120,435 yen | 28.42 yen |
4. Absorption-type separation with Renesas Northern Japan Semiconductor as transferor and Renesas Naka Semiconductor as successor, and absorption-type merger with Renesas Kofu Semiconductor and Renesas Semiconductor Engineering as absorbed companies and Renesas Naka Semiconductor as surviving company
4-1. Summary of absorption-type separation and absorption-type merger
4-1-1. Schedule of absorption-type separation
① Approval of Board of Directors
February 19, 2014
② Conclusion of agreement
February 19, 2014
③ General meeting of shareholders
March 24, 2014 (planned)
④ Effective date
April 1, 2014 (planned)
4-1-2. Schedule of absorption-type merger
① Approval of Board of Directors
February 19, 2014
② Conclusion of agreement
February 19, 2014
③ General meeting of shareholders
March 24, 2014 (planned)
④ Effective date
April 1, 2014 (planned)
4-1-3. Method of absorption-type separation and absorption-type merger
Refer to ② and ③ in section 2 “Outline of the reorganization of manufacturing-related group companies” on page 2.
4-1-4. Allocations associated with absorption-type separation and absorption-type merger
No allocations of stock, funds, etc., are associated with this absorption-type separation and
absorption-type merger.
4-1-5. Share subscription rights and bonds with share subscription rights
None of the companies involved has issued share subscription rights or bonds with share subscription
rights
4-1-6. Rights and obligations transferred to the successor company in absorption-type separation
and surviving company in absorption-type merger
As the successor company in the absorption-type separation, the assets that Renesas Naka
Semiconductor will inherit shall consist of all 1,800 shares in Renesas Kofu Semiconductor, which are
currently held by Renesas Northern Japan Semiconductor, and Renesas Naka Semiconductor will inherit no
other liabilities, agreements, or other rights and obligations.
In addition, as the surviving company in the absorption-type merger, after inheriting all shares in
Renesas Kofu Semiconductor from Renesas Northern Japan Semiconductor, as mentioned above, Renesas Naka
Semiconductor will inherit all the rights and obligations of Renesas Semiconductor Engineering and
Renesas Kofu Semiconductor.
4-1-7. Ability to fulfill obligations
Renesas Electronics concludes that the successor company in the absorption-type separation and the
surviving company in the absorption-type merger shall have abilities to fulfill all their debt
obligations for which it is responsible.
4-2. Overview of parties to absorption-type separation and absorption-type merger (Fiscal year
ended March 31, 2013)
(Note) For information on Renesas Northern Japan Semiconductor and Renesas Kofu Semiconductor, refer to "Overview of parties to absorption-type separation" in section 3.2 on page 7.
| Successor in absorption-type separation and surviving company in absorption-type merger | Absorbed company in absorption-type merger | |
|---|---|---|
| ① Company Name | Renesas Naka Semiconductor Co., Ltd. | Renesas Semiconductor Engineering Corp. |
| ② Address | 730, Horiguchi, Hitachinaka, Ibaraki Pref. | 4-1-3, Mizuhara, Itami, Hyogo Pref. |
| ③ Representative | Takashi Araki, President | Takashi Aoyagi, President |
| ④ Major Operations |
|
|
| ⑤ Capital | 50 million yen | 30 million yen |
| ⑥ Established | June 1999 | September 1, 1988 |
| ⑦ Shares Issued | 1,000 | 600 |
| ⑧ Fiscal Term | March 31 | March 31 |
| ⑨ Major Stockholders and Ownership Ratios | Renesas Electronics Corporation: 100% | Renesas Electronics Corporation: 100% |
| ⑩ Net Assets | 672 million yen | 267 million yen |
| ⑪ Total Assets | 2,940 million yen | 2,381 million yen |
| ⑫ Net Assets per Share | 672,612 yen | 445,184 yen |
| ⑬ Net Sales | 8,314 million yen | 3,790 million yen |
| ⑭ Operating Income (Loss) | 395 million yen | 563 million yen |
| ⑮ Ordinary Income (Loss) | 392 million yen | 571 million yen |
| ⑯ Net Income (Loss) | 319 million yen | 412 million yen |
| ⑰ Net Income (Loss) per Share | 319,045.44 yen | 685,846 yen |
4-3. Overview of surviving company following the absorption-type merger
| Surviving company in absorption-type merger | |
|---|---|
| ① Company Name | Renesas Naka Semiconductor Co., Ltd. |
| ② Address | 730, Horiguchi, Hitachinaka, Ibaraki Pref. |
| ③ Representative | Takashi Araki, President |
| ④ Major Operation |
|
| ⑤ Capital | 50 million yen |
| ⑥ Fiscal Term | March 31 |
5. Absorption-type separation with Renesas Semiconductor Kyushu Yamaguchi as transferor company and Renesas Kansai Semiconductor as successor company
5-1. Summary of absorption-type separation
5-1-1. Schedule of absorption-type separation
① Approval of Board of Directors
February 19, 2014
② Conclusion of agreement
February 19, 2014
③ General meeting of shareholders
March 24, 2014 (planned)
④ Effective date
April 1, 2014 (planned)
5-1-2. Method of absorption-type separation
Refer to ④ in section 2 “Outline of the reorganization of manufacturing-related group companies” on page 2.
5-1-3. Allocations associated with absorption-type separation
No allocations of stock, funds, etc., are associated with this absorption-type separation.
5-1-4. Share subscription rights and bonds with share subscription rights
None of the companies involved has issued share subscription rights or bonds with share subscription rights.
5-1-5. Rights and obligations transferred to the successor company in absorption-type separation
On the occasion of this absorption-type separation, Renesas Kansai Semiconductor will inherit from Renesas Semiconductor Kyushu Yamaguchi such assets, liabilities, contractual standing, and other rights and obligations pertaining to the business activities covered by the separation as are stipulated in the absorption-type separation agreement.
5-1-6. Ability to fulfill obligations
Renesas Electronics concludes that the successor company in the absorption-type separation shall have abilities to fulfill all their debt obligations for which it is responsible.
5-2. Overview of parties to absorption-type separation (Fiscal year ended March 31, 2013)
| Successor company in absorption-type separation | Transferor company in absorption-type separation | |
|---|---|---|
| ① Company Name | Renesas Kansai Semiconductor Co., Ltd. | Renesas Semiconductor Kyushu Yamaguchi Co., Ltd. |
| ② Address | 2-9-1 Seiran, Otsu, Shiga Pref. | 1-1-1 Yahata Minami-ku Kumamoto, Kumamoto Pref. |
| ③ Representative | Yasuhiro Funakoshi, President | Hirofumi Ariizumi, President (As of April 2013) |
| ④ Major Operations | Manufacture and sale of electrical and electronic components | Manufacture and sale of integrated circuit devices |
| ⑤ Capital | 1.0 billion yen | 1.0 billion yen |
| ⑥ Established | July 1, 1983 | September 12, 1969 |
| ⑦ Shares Issued | 20,000 | 2,000,000 |
| ⑧ Fiscal Term | March 31 | March 31 |
| ⑨ Major Stockholder and Ownership Ratios | Renesas Electronics Corporation: 100% | Renesas Electronics Corporation: 100% |
| ⑩ Net Assets | 1,042 million yen | 11,490 million yen |
| ⑪ Total Assets | 39,549 million yen | 67,479, million yen |
| ⑫ Net Assets per Share | 52,110 yen | 5,745 yen |
| ⑬ Net Sales | 43,634 million yen | 84,302 million yen |
| ⑭ Operating Income (Loss) | 2,579 million yen | 8,006 million yen |
| ⑮ Ordinary Income (Loss) | 1,660 million yen | 7,046 million yen |
| ⑯ Net Income (Loss) | 481 million yen | 4,498 million yen |
| ⑰ Net Income (Loss) per Share | 24,033.73 yen | 2,249.20 yen |
6. Absorption-type merger with Renesas Naka Semiconductor as absorbed company and Renesas Kansai Semiconductor as surviving company
6-1. Summary of absorption-type merger
6-1-2. Schedule of absorption-type merger
① Approval of Board of Directors
February 19, 2014
② Conclusion of agreement
February 19, 2014
③ General meeting of shareholders
March 24, 2014 (planned)
④ Effective date
April 1, 2014 (planned)
6-1-3. Method of absorption-type merger
Refer to ⑤ in section 2 “Outline of the reorganization of manufacturing-related group companies” on page 2.
6-1-4. Allocations associated with absorption-type merger
This item does not apply as the parties to the merger are both wholly-owned subsidiaries of Renesas Electronics.
6-1-5. Share subscription rights and bonds with share subscription rights
None of the companies involved has issued share subscription rights or bonds with share subscription rights.
6-1-6. Rights and obligations transferred to the surviving company in absorption-type merger
As the surviving company in the absorption-type merger, Renesas Kansai Semiconductor will inherit all rights and obligations of Renesas Naka Semiconductor after implementation of the transaction described in section 4.
6-1-7. Ability to fulfill obligations
Renesas Electronics concludes that the surviving company in the absorption-type merger shall have abilities to fulfill all their debt obligations for which it is responsible.
6-2. Overview of parties to absorption-type merger
For information on Renesas Naka Semiconductor, the absorbed company in the absorption-type merger, refer to the overview of the company in section 4.
For information on Renesas Kansai Semiconductor, the surviving company in the absorption-type merger, refer to the overview of the company in section 5.
6-3. Overview of surviving company following absorption-type merger
| Surviving company in absorption-type merger | |
|---|---|
| ① Company Name | Renesas Kansai Semiconductor Co., Ltd. |
| ② Address | 2-9-1 Seiran, Otsu, Shiga Pref. |
| ③ Representative | Yasuhiro Funakoshi, President |
| ④ Major Operation | Manufacture and sale of electrical and electronic components |
| ⑤ Capital | 1.0 billion yen |
| ⑥ Fiscal Term | March 31 |
7. Absorption-type separation with Renesas Electronics as transferor company and Renesas Kansai Semiconductor as successor company
7-1. Summary of absorption-type separation
7-1-1. Schedule of absorption-type separation
① Approval of Board of Directors
February 19, 2014
② Conclusion of agreement
February 19, 2014
③ General meeting of shareholders
March 24, 2014 (planned)
④ Effective date
April 1, 2014 (planned)
(Note) Renesas Electronics will follow the procedure for a simple absorption-type separation that will be executed without the requirement of the approval of Renesas' shareholders' meeting as stipulated under Article 784, §3 of the Japan Corporation Law.
7-1-2. Method of absorption-type separation
Refer to ⑥ in section 2 “Outline of the reorganization of manufacturing-related group companies” on page 2.
7-1-3. Allocations associated with absorption-type separation
This item does not apply as the parties to the absorption-type separation are Renesas Electronics and its wholly-owned subsidiary.
7-1-4. Share subscription rights and bonds with share subscription rights
Renesas Electronics has not issued share subscription rights or bonds with share subscription rights.
7-1-5. Rights and obligations Inherited by successor company in absorption-type separation
On the occasion of this absorption-type separation, Renesas Kansai Semiconductor will inherit from Renesas Electronics such assets, liabilities, contractual standing, and other rights and obligations pertaining to the business activities covered by the separation as are stipulated in the absorption-type separation agreement.
7-1-6. Ability to fulfill obligations
Renesas Electronics concludes that the successor company in the absorption-type separation shall have abilities to fulfill all their debt obligations for which it is responsible.
7-2. Overview of transferor company in absorption-type separation (Fiscal year ended March 31, 2013)
(Note) For information on Renesas Kansai Semiconductor, the successor company in the absorption-type separation, refer to "Overview of parties to absorption-type separation" in section 5 on page 11.
| Transferor company in absorption-type separation | |
|---|---|
| ① Company Name | Renesas Electronics Corporation |
| ② Address | 1753 Shimonumabe, Nakahara-Ku, Kawasaki, Kanagawa Pref. |
| ③ Representative | Hisao Sakuta, Representative Director, Chairman and CEO (As of June 26, 2013) |
| ④ Major Operations | Research, development, design, manufacture, sale, and servicing of semiconductor products |
| ⑤ Capital | 228.2 billion yen (As of December 31, 2013) |
| ⑥ Established | November 1, 2002 (Started operation on April 1, 2010) |
| ⑦ Shares Issued | 1,667,124,490 (As of December 31, 2013) |
| ⑧ Fiscal Term | March 31 |
| ⑨ Major Stockholders and Ownership Ratios (as of September 30, 2013) |
|
| ⑩ Net Assets | 252.2 billion yen (As of December 31, 2013) |
| ⑪ Total Assets | 795.8 billion yen (As of December 31, 2013) |
| ⑫ Net Assets per Share | 151.30 yen (As of December 31, 2013) |
| ⑬ Net Sales | 785,764 million yen (Consolidated, as of March 31, 2013) |
| ⑭ Operating Income (Loss) | − 23,217 million yen (Consolidated, as of March 31, 2013) |
| ⑮ Ordinary Income (Loss) | − 26,862 million yen (Consolidated, as of March 31, 2013) |
| ⑯ Net Income (Loss) | − 167,581 million yen (Consolidated, as of March 31, 2013) |
| ⑰ Net Income (Loss) per Share (yen) | – |
7-3. Overview of business to be carved out through the separation
7-3-1. Business activities of business to be carved out
Front-end production business of Renesas Electronics' semiconductor products.
7-3-2. Financial results of business to be carved out
The business which will be carved out is a semiconductor production for Renesas Electronics' semiconductor products, thereby its financial result is omitted.
7-3-3. List of assets and liabilities of business to be carved out
Total asset: 18,773 million yen
Total liability: 5,237 million yen
7-4. Status of listing on stock exchange following absorption-type separation
There will be no change to Renesas Electronics' company name, address, representative, major operations, capital, and fiscal term from those listed in “Overview of transferor company in absorption-type separation” on page 15.
8. Absorption-type merger with Renesas Northern Japan Semiconductor as surviving company and Haguro Electronics, Renesas Yanai Semiconductor, Hokkai Electronics, and Renesas Kyushu Semiconductor as absorbed companies
8-1. Summary of absorption-type merger
8-1-1. Schedule of absorption-type merger
① Approval of Board of Directors
February 19, 2014
② Conclusion of agreement
February 19, 2014
③ General meeting of shareholders
March 24, 2014 (planned)
④ Effective date
April 1, 2014 (planned)
8-1-2. Method of absorption-type merger
Refer to ⑩ in section 2 “Outline of the reorganization of manufacturing-related group companies” on page 2.
8-1-3. Allocations associated with absorption-type merger
This item does not apply as the parties to the absorption-type merger are wholly-owned subsidiaries of Renesas Electronics.
8-1-4. Share subscription rights and bonds with share subscription rights
None of the companies involved has issued share subscription rights or bonds with share subscription rights
8-1-5. Rights and Obligations transferred to surviving company in absorption-type merger
As the surviving company in the absorption-type merger, Renesas Northern Japan Semiconductor will inherit all rights and obligations of Haguro Electronics, Renesas Yanai Semiconductor, Hokkai Electronics, and Renesas Kyushu Semiconductor.
8-1-6. Ability to fulfill obligations
Renesas Electronics concludes that the surviving company in the absorption-type merger shall have abilities to fulfill all their debt obligations for which it is responsible.
8-2. Overview of parties to absorption-type merger (Fiscal year ended March 31, 2013)
(Note) For information on Renesas Northern Japan Semiconductor, the surviving company in the absorption-type merger, refer to "Overview of Parties to Absorption-Type Separation" in section 3-2 on page 7.
| Absorbed company in absorption-type merger | Absorbed company in absorption-type merger | |
|---|---|---|
| ① Company Name | Renesas Yanai Semiconductor, Inc. | Haguro Electronics Co., Ltd. |
| ② Address | 3-1-1, Minamihama, Yanai, Yamaguchi Pref. | 3091-6, Oaza-Hanazawa, Yonezawa, Yamagata Pref. |
| ③ Representative | Kurata Nishi, President | Akira Ohashi, President |
| ④ Major Operations | Manufacture and sale of semiconductor elements | Manufacture and sale of boards of various |