For Japanese semiconductor manufacturer with performance deterioration, Renesas Electronics, NEC, Hitachi and Mitsubishi Electric ,the three major shareholders make final consultation on matters of financial assistance for Renesas . The three major shareholders will jointly combine with Tokyo-Mitsubishi UFJ as well as four banks for a total financing of 100 billion yen. Financial assistance once stranded finalizes the layoffs, Renesas will start the restructuring plan with the core of a maximum of 14000 lay-off and factory halved . Accounted for approximately 3% of global market share in the field of micro-controller,Renesas which has heavyweight clients such as Toyota and Honda is expected to go through the crisis. Renesas would sell the main plants of LSI (Yamagata Prefecture the Hegang factory) which has a loss of business to Taiwan Semiconductor Manufacturing Company (TSMC),then to advance the restructuring negotiations with companies like Fujitsu and Panasonic System LSI business. They plan to eventually reduce total number of employees about 3%,namely the 1.2 to 1.4 million. Renesas can not get the financing of the restructuring to implement a series of measures alone,by the end of June they are facing pressure on short-term loans to repay. They get 1000 billion yen in financing from the three shareholders of companies and banking groups to implement restructuring, Renesas is expected to overcome the current business crisis. |
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Renesas Semiconductor Will Get One hundred Billion Yen Finan