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NEC Electronics Announces Dissolution of a Subsidiary
KAWASAKI, Japan, August 31, 2007
NEC Electronics Corporation (TSE:6723) today announced the dissolution of its subsidiary P.T. NEC Semiconductors Indonesia. This resolution was passed by NEC Electronics' board of directors at a meeting held on August 27, 2007, and accordingly, by the shareholders of NEC Semiconductors Indonesia.
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Reason for Dissolution |
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NEC Semiconductors Indonesia's primary business was the test and assembly of discrete devices that utilized through-hole packaging. However, the growing popularity of surface mount packaging led to a steep decline in demand for through-hole packaging. In particular, the TO92 and small signal transistor (SST) through-hole type packages manufactured at the facility faced stiff competition, and it became increasingly difficult to continue operations. As a result, NEC Electronics has decided to withdraw from the TO92 and SST packaging business and close NEC Semiconductors Indonesia. |
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About NEC Semiconductors Indonesia |
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Location: |
East Jakarta Industrial Park Plot 5E, Cikarang Selatan Bekashi, West Java, Indonesia |
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Representative: |
Tsutomu Aoki, President Director |
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Primary business: |
Semiconductor test and assembly |
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Established: |
June 1996 |
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Capitalization: |
US$ 44.4 million |
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Shareholder composition: |
99.998% owned by NEC Electronics Corp.
0.002% owned by NEC Semiconductors (Malaysia) Sdn. Bhd., a wholly-owned subsidiary of NEC Electronics Corp. |
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Schedule for Closure, and Effect on NEC Electronics' Financial Forecast |
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The effect of this dissolution was reflected in the consolidated financial forecasts for the fiscal year ending March 31, 2008, announced on July 30, 2007. NEC Semiconductors Indonesia is scheduled to enter liquidation in November 2007. |
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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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