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Renesas Electronics Puts Mobile Chips Division Up for Sale
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Japan's Renesas Electronics has announced that it is start a review of the direction of its mobile business and may look to sell the division.
The group has already accelerated structural reforms such as realignment of business portfolio and production sites, as well as reduction in workforce. However, the group said that it needs to look at further measures, considering tougher-than-expected market conditions surrounding it. In the light of this, the Group announces today that it will be reviewing the scope of its activities, and refocusing its efforts and resources on its core business.
This means that the Group has decided to explore divestiture of Renesas Mobile or explore alternative business models for Renesas Mobile. This review would include all Renesas Mobile's business activities in all geographies, other than the business operations related to car information system and the industrial equipment business conducted by the company.
The division has posted what the company described as "significant" losses since it bought the semiconductor subsidiary from Nokia in 2010.
The parent group secured a US$1.8 billion bailout from the Japanese government last year
Tags: [renesas electronics] [Japan]
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