TOKYO and MILPITAS,
Calif., Feb. 24, 2017
/PRNewswire/ -- Renesas Electronics Corporation ("Renesas")
(TSE: 6723), a premier supplier of advanced semiconductor
solutions, and Intersil Corporation ("Intersil") (NASDAQ:ISIL), a
leading provider of innovative power management and precision
analog solutions, today announced the completion of Renesas'
acquisition of Intersil Corporation. The transaction brings
together the advanced technology and deep end-market expertise of
the two companies, and solidifies Renesas' position as a leading
global supplier delivering advanced embedded systems to
customers.
"I am excited to welcome the Intersil employees into the Renesas
Group and look forward to building a robust organization that will
bring the capabilities of both companies to bear to proactively
address changing market dynamics and customer needs," said Bunsei
Kure, Representative Director, President and CEO of Renesas
Electronics Corporation. "With the close of this acquisition,
Renesas has transformed into an industry powerhouse with one of the
most comprehensive set of advanced embedded solutions. We believe
that this compelling and complementary combination will enable
significant synergies and cross-selling opportunities and
contribute to creating superior value for our customers and
stakeholders."
In connection with the closing of the transaction today,
Intersil becomes a wholly-owned subsidiary of Renesas. Dr.
Necip Sayiner joined Renesas'
executive team, as of February 24,
2017, as Executive Vice President and will continue to lead
Intersil as the President, Chief Executive Officer, and
Director.
Renesas will focus its efforts on achieving a smooth integration
of the two companies and intends to continue technical support and
future product development for Intersil's industry-leading power
management and precision analog solutions.
Renesas also plans to continue operations at Intersil's
production facility in Palm Bay,
Florida, U.S. and Intersil's home office in Milpitas, California, U.S., as well as the
design centers and sales and support organizations serving Intersil
customers globally.
As previously announced in September
2016, Renesas anticipates that near- and long-term revenue
expansion opportunities combined with the modest anticipated cost
efficiencies associated with greater scale will eventually generate
synergies of US$170 million
(approximately 17 billion yen at an
exchange rate of 100 yen to the
dollar). The transaction is expected to immediately increase
Renesas' gross and operating margins and be accretive to Renesas'
non-GAAP earnings per share and free cash flows after closing.
About Renesas Electronics
Corporation
Renesas Electronics Corporation (TSE: 6723)
delivers trusted embedded design innovation with complete
semiconductor solutions that enable billions of connected,
intelligent devices to enhance the way people work and
live—securely and safely. The number one global supplier of
microcontrollers, and a leader in Analog & Power and SoC
products, Renesas provides the expertise, quality, and
comprehensive solutions for a broad range of Automotive,
Industrial, Home Electronics (HE), Office Automation (OA) and
Information Communication Technology (ICT) applications to help
shape a limitless future. Learn more at renesas.com.
About Intersil
Intersil Corporation (NASDAQ:ISIL), a
wholly owned subsidiary of Renesas Electronics Corporation, is a
leading provider of innovative power management and precision
analog solutions. The company's products form the building blocks
of increasingly intelligent, mobile and power hungry electronics
enabling advances in power management to improve efficiency and
extend battery life. With a deep portfolio of intellectual property
and a rich history of design and process innovation, Intersil is
the trusted partner to leading companies in some of the world's
largest markets, including the industrial and infrastructure,
mobile computing, automotive and aerospace. For more information
about Intersil, visit our website at www.intersil.com.
Intersil and the Intersil logo are trademarks or registered
trademarks of Intersil Corporation. All other brands, product names
and marks are or may be trademarks or registered trademarks used to
identify products or services of their respective owners.
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SOURCE Intersil Corporation