Renesas Technology Corp., a joint venture between Hitachi, Ltd. (HIT) and Mitsubishi Electric Corp, announced a basic agreement with Hitachi High-Technologies Corp., a subsidiary of Hitachi, for the transfer of the semiconductor manufacturing equipment business of wholly owned Renesas subsidiary Renesas Eastern Japan Semiconductor, Inc. to Hitachi High-Tech Instruments Co., Ltd., a wholly owned subsidiary of Hitachi High-Technologies.
Scheduled for next spring, this business transfer is expected to enhance Hitachi High-Technologies' semiconductor manufacturing equipment business and improve management efficiency. Specifically, the transfer will see Renesas Eastern Japan Semiconductor as the absorbed company, with Hitachi High-Tech Instruments as the surviving company.
Due diligence for this transfer of the semiconductor manufacturing equipment business is presently moving forward. Based on the outcome of this process, Hitachi High-Technologies, Hitachi High-Tech Instruments, Renesas, and Renesas Eastern Japan Semiconductor are scheduled to sign a final contract in December 2009.
However, this transfer of the semiconductor manufacturing equipment business has negligible impact on the FY2009 consolidated financial results of Hitachi High-Technologies.
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