Intersil Corporation to Change its Name to Renesas Electronics America in January 2018 to Accelerate Business Integration
Renesas Electronics Corporation (“Renesas”, TSE: 6723), a premier supplier of advanced semiconductor solutions, today announced that, following the approval of Board of Directors on October 27, it will change the company name of its consolidated subsidiary, Intersil Corporation, which it acquired on February 24, 2017, as described below.
1. Overview of Consolidated Subsidiary
|(1)||Name||Current company name:
|New company name:
Renesas Electronics America Inc.
|(2)||Headquarters||1001 Murphy Ranch Road, Milpitas, CA 95035, U.S.|
|(3)||Representative||Necip Sayiner, President, CEO and Director|
|(4)||Business operation||Development, manufacture, and sale of power management and precision analog IC devices|
|(5)||Capital||1,559,334 thousand US$|
2. About the company name change of the consolidated subsidiary
(1) Reason for Change
Whilst continuing to integrate its recently acquired subsidiary Intersil Corporation into its operations, Renesas also implemented a transition to a new organizational structure in July 2017. The aim of this transition is to move beyond its Japan-centric business management and to achieve a truly global company as “One Global Renesas,” a company that operates as a global entity not bound by any one region. Since the completion of acquisition of Intersil Corporation, post-merger integration (PMI) is underway in order to improve business efficiency, and to generate synergies, and now plans call for the reorganization of Intersil’s subsidiaries.
In January 2018 Intersil Corporation will execute an absorption-type merger with Renesas Electronics America Inc., a U.S. sales subsidiary of Renesas, and Intersil Communications LLC, a wholly-owned subsidiary of Intersil Corporation, with Intersil Corporation as the surviving company. Intersil Corporation will then change its company name to Renesas Electronics America Inc. In parallel we will continue to rectify the regional subsidiaries, and from January 2018 onwards, all remaining Intersil subsidiaries will in principle, adopt company names starting with “Renesas” with an aim to accelerate the organic growth of the corporate group as “One Global Renesas.”
(2) Scheduled Date of Change
January 1, 2018 (planned)