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NEC Electronics Announces Dissolution of a Subsidiary
KAWASAKI, Japan, July 30, 2007
NEC Electronics Corporation (TSE:6723) announced that its wholly-owned subsidiary, NEC Semiconductors Ireland Ltd., will be dissolved in accordance with a resolution passed today by the company's board of directors.
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Reason for Dissolution |
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NEC Semiconductors Ireland's primary business was the test and assembly of automotive microcontrollers for the European market. In February 2006, in an effort to improve its worldwide automotive microcontroller business, NEC Electronics decided to cease production at NEC Semiconductors Ireland. As preparations for the dissolution are now complete, NEC Semiconductors Ireland is scheduled to be dissolved in September, and then enter liquidation. |
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About NEC Semiconductors Ireland |
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Location: |
Ballivor, County Meath, Ireland |
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Representative: |
Kenji Yamashiro, Managing Director |
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Primary business: |
Semiconductor test and assembly |
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Established: |
July 1974 |
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Capitalization: |
65.9 million Euro |
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Shareholder composition: |
100% owned by NEC Electronics Corp. |
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Effect on NEC Electronics' Financial Forecast |
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The effect of this dissolution has been reflected in the consolidated financial forecasts for the fiscal year ending March 31, 2008, announced today. |
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About NEC Electronics
NEC Electronics Corporation (TSE: 6723) specializes in semiconductor products encompassing advanced technology solutions for the high-end computing and broadband networking markets, system solutions for the mobile handset, PC peripherals, automotive and digital consumer markets, and platform solutions for a wide range of customer applications. NEC Electronics Corporation has 25 subsidiaries worldwide including NEC Electronics America, Inc. (www.am.necel.com) and NEC Electronics (Europe) GmbH (www.eu.necel.com). For additional information about NEC Electronics worldwide, visit www.necel.com.
Information in the press releases, including product prices and specifications is current on the date of the press announcement, but is subject to change without prior notice.
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