6/30/2004 - Renesas Technology Corp. announced the establishment of a new affiliated company, Renesas Technology China Co., Ltd. (RCC), in Shanghai to support the strengthening and expansion of the company's business activities in China. RCC will start business operations on July 1 and will be responsible for the local management of R&D, production, sales, and engineering support for China.
Since its establishment in April 2003, Renesas Technology has highly prioritized its activities in the Chinese market and already maintains R&D, production, sales, and engineering support companies and functions in the region. In the years ahead, the scope of the company's business in China is expected to expand rapidly and it plans to achieve a 5.0% share in the Chinese market. With this in mind, a decision was made to establish a management subsidiary in Shanghai capable of providing integrated coordination and support capabilities.
RCC will provide consulting and training operations to Renesas' affiliated companies, which will include financial management, R&D, market research, investment planning and business strategy development. In addition, RCC will support the planning and development of Renesas' business strategy for China and assist in its implementation company-wide. The coordination activity will also help to reduce total costs by working to create efficiencies among Renesas' affiliated companies through the sharing of resources.
To prepare for future expansion in China and to provide greater customer support and service, the present seven sales bases (Shanghai, Beijing, Qingdao, Hong Kong, Shenzhen, Xiamen, and Taipei) will be increased to nine (with the addition of new bases in Suzhou and Chengdu) by the end of March 2005.
An overview of the new subsidiary is given below.
About Renesas Technology Corp.
Renesas Technology Corp. designs and manufactures highly integrated semiconductor system solutions for mobile, automotive and PC/AV markets. Established on April 1, 2003 as a joint venture between Hitachi, Ltd. (TSE:6501, NYSE:HIT) and Mitsubishi Electric Corporation (TSE:6503) and headquartered in Tokyo, Japan, Renesas Technology is one of the largest semiconductor companies in the world and world leading microcontroller supplier globally. Besides microcontrollers, Renesas Technology offers system-on-chip devices, Smart Card ICs, mixed-signal products, flash memories, SRAMs and more. http://www.renesas.com
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