TOKYO, Japan, February 19, 2014 — Renesas Electronics Corporation (TSE: 6723), a premier supplier of advanced semiconductor solutions, today announced an early retirement incentive program for its employees in Japan, which was approved at a meeting of its board of directors on February 19, 2014.
1. Reasons and background to the early retirement plan
As announced in the “Notice Regarding Reorganization (Absorption-Type Separations and Absorption-Type Mergers) of Renesas' Manufacturing-Related Group Companies in Japan” news release dated February 19, 2014, with an aim of realizing a profit-oriented manufacturing business structure, Renesas will consolidate the business operations related to the semiconductor front-end production and back-end production facilities at Renesas Electronics and its subsidiaries in Japan and reorganize the manufacturing-related group company structure (the “reorganization”).
In accordance with the reorganization, Renesas has decided to implement an early retirement program to offer special incentives and outplacement support, etc. for those employees who work at the sites subject to the reorganization and are unable to transfer to other sites or comply with the company's reorganization policy.
2. Outline of the early retirement plan
Eligibility:
Employees of Renesas Electronics Corporation who belong to the Production and Technology Unit
Employees of Renesas Electronics Corporation who do not belong to the Production and Technology Unit but will be transferred as a result of the reorganization
Employees of Renesas Electronics subsidiaries in Japan subject to the reorganization
# of applicants:
No upper limit or target has been placed
Application period:
February 28, 2014 to March 7, 2014 (planned)
Retirement date:
March 31, 2014
Benefits:
Renesas Electronics will offer special incentives in addition to their retirement payment to employees voluntarily taking early retirement. In addition, outplacement support will be provided through an outside agency for those who request it.
3. Impact on Renesas Electronics' financial forecasts
Renesas intends to disclose the impact from the early retirement program on its consolidated financial results for the fiscal year ending March 31, 2014, once such impact is confirmed.
About Renesas Electronics Corporation
Renesas Electronics Corporation (TSE: 6723), the world's number one supplier of microcontrollers, is a premier supplier of advanced semiconductor solutions including microcontrollers, SoC solutions and a broad range of analog and power devices. Business operations began as Renesas Electronics in April 2010 through the integration of NEC Electronics Corporation (TSE:6723) and Renesas Technology Corp., with operations spanning research, development, design and manufacturing for a wide range of applications. Headquartered in Japan, Renesas Electronics has subsidiaries in approximately 20 countries worldwide. More information can be found at www.renesas.com.
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