7/9/2003 - Cadence Design Systems, Inc. (NYSE:CDN) announced a new era for Cadence Japan, launching a new direct sales model designed to significantly strengthen ties between Cadence and Japan's cutting-edge technology companies, and appointing key leadership.
Special events for customers and the media were planned to mark the revamped distributor relationship between Cadence and Innotech Corp., the company's longtime distributor in Japan. Under a new agreement, leading Japanese technology companies will now work directly with Cadence. Innotech, distributor for Cadence exclusively, will focus its efforts on Japanese electronics systems companies and on developing new market opportunities.
Cadence also announced that Glen S. Fukushima, who had been serving as president of Cadence Design Systems Japan, has been appointed chairman, and Ryoichi Kawashima, who has been serving as president of Innotech, will succeed Mr. Fukushima as president. Mr. Kawashima, has served as president of Innotech since June 2001, and he will continue to serve on the Innotech board. Mr. Fukushima will focus on nurturing relationships with Japanese customers, industry and government.
"Kawashima-san and Fukushima-san have the skill to lead this new era for Cadence in Japan and to enhance our relationships with key customers," said Ray Bingham, Cadence president and CEO. "We are committed to providing all of our valued customers in Japan with quicker and easier access to leading-edge Cadence technology resources, and this new arrangement is designed make them successful as they take their designs from initial concept to products shipping in volume."
Under the revised agreement with Innotech, which took effect July 1, Cadence Japan will work directly with about 11 leading electronics companies to establish the long-term strategic partnerships needed for companies to effectively compete in today's market. Cadence Japan also will work directly with global customers with operations in Japan, and government agencies and universities in Japan that have technical projects for nanometer-scale designs and production.
Exclusive Cadence distributor Innotech, will continue to offer Cadence software, methodology services and maintenance to the remaining segment of Cadence customers while focusing on developing new business with electronics systems companies.
Under the new agreement, Cadence Japan has hired about 50 Innotech employees from Innotech's Cadence Technology Division to build on their existing strong relationships with key customers. Cadence Japan will directly provide the full range of Cadence products, services, maintenance, support and IP to help customers compete in the global market.
Cadence is the largest supplier of electronic design technologies, methodology services, and design services. Cadence solutions are used to accelerate and manage the design of semiconductors, computer systems, networking and telecommunications equipment, consumer electronics, and a variety of other electronics-based products. With approximately 5,200 employees and 2002 revenues of approximately $1.3 billion, Cadence has sales offices, design centers, and research facilities around the world. The company is headquartered in San Jose, Calif., and traded on the New York Stock Exchange under the symbol CDN. More information about the company, its products and services are available at www.cadence.com.
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