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Components | January 30, 2012

Renesas & Mitsubishi organise Kitaitami location

Renesas Electronics enters into purchase and sale agreement of land and building with Mitsubishi Electric.
Renesas Electronics Corporation and Mitsubishi Electric Corporation have signed an agreement on January 30, 2012 in which:

(1) Renesas will obtain a portion of Mitsubishi Electric's land in the Kitaitami operation (Itami, Hyogo)

(2) Mitsubishi Electric will acquire Renesas' manufacturing building (the “U building”) located within the premises of Mitsubishi Electric's Kitaitami operation.

Renesas and Mitsubishi Electric will now enter negotiations to finalize the details and aim to complete the transactions by March 31, 2012.

The mutual purchases will resolve a complicated mix of the two companies' properties, a condition that has existed since April 2003.

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