IDT to change its name to Renesas Electronics America
Renesas Electronics announced that it will change the company name of its consolidated subsidiary, Integrated Device Technology, Inc. ("IDT"), which was acquired on March 30, 2019. After the change, IDT will continue its business under the name of Renesas Electronics America, Inc. from January 1, 2020.
Renesas has been executing its growth strategy to thrive as a world-leading embedded solution provider in the rapidly changing global semiconductor market. As pillars of its growth strategy, Renesas is working to expand its analog solution lineup and to strengthen its kit solution offerings that combine its world-leading microcontrollers (MUCs), system-on-chips (SoCs) and analog products. As part of this initiative, the company already completed the acquisition of Intersil Corporation in February 2017, and acquired IDT in March 2019, to contribute further towards the growth of solution offerings through acquiring analog products and business opportunity expansion. Since the completion of IDT acquisition, post-merger integration (PMI) is underway in order to improve business efficiency, and to generate further synergies, and now plans call for the reorganization of IDT’s subsidiaries.
According to Renesas, in January 2020 IDT will execute an absorption-type merger with Renesas Electronics America Inc., a U.S. subsidiary of Renesas, with IDT as the surviving company. IDT will then change its company name to Renesas Electronics America Inc. In parallel Renesas will continue to rectify the regional subsidiaries, and from January 2020 onwards, all remaining IDT subsidiaries will in principle, adopt company names starting with “Renesas” with an aim to accelerate the organic growth of the corporate group.