Hitachi and Mitsubishi Combine to form Renesas Technology, the World's Largest Microcontroller Company!

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TOKYO, LONDON, SAN JOSE, Calif., and SINGAPORE - April 1, 2003 - Renesas Technology Corp. today announced it has officially separated from Hitachi, Ltd. (TSE:6501, NYSE:HIT) and Mitsubishi Electric Corporation (TSE:6503), and commenced operations as the world's leading System LSI company.  Dr. Koichi Nagasawa has been appointed Chairman & CEO, and Satoru Ito was appointed as President & COO.

Combining Two Companies - Mitsubishi & Hitachi Form Renesas

In parallel with the company's establishment, Renesas Technology Corp. has completed integration of North America and European operations, resulting in the establishment of Renesas Technology America, Inc. and Renesas Technology Europe Limited, the respective regional headquarters. Additionally, 13 Japanese affiliated companies have been incorporated including Renesas Technology Sales Co., Ltd. and Renesas Solutions Corp., the respective sales and applications engineering companies, as well as eight overseas affiliated companies.  Renesas' affiliated companies in Asia are slated for operations by July 2003.  

As a world-leading IDM (Integrated Device Manufacturer), Renesas will offer the benefits of advanced R&D development and manufacturing for next-generation process geometries at 90nm and smaller, with control over its own process roadmaps, enhanced chip yields, and controlled cost structures.  Additionally, Renesas' IDM model provides end-to-end solutions for customers, from technology development, through design and applications support, manufacturing, sales, and service.

Renesas Technology product families include:

• Microcontrollers
• MCU cores
• memory chips
• multi purpose ICs
• application specific ICs (ASICs)
• LSI Chips
• System in package (SiP) chips
• discrete semiconductors based on high-level R&D

As an organization, Renesas Technology is structured into three primary business units:

1. Microcontroller (MCU), system-on-chip (SoC) and SiP products
2. Mixed signal, RF, and discrete devices
3. Memory chips (includes Flash and SRAM devices)

Renesas Technology strategy is to become the intelligent chip solutions provider for this ubiqutous society under the slogan "Everywhere you imagine."

The name RENESAS is derived from Renaissance Semiconductor for Advanced Solutions.

About Renesas Technology America Inc
Renesas Technology Corp. designs and manufactures highly integrated semiconductor system solutions for mobile, networking, automotive, industrial and digital home electronics markets.  Established on April 1, 2003 as a joint venture between Hitachi, Ltd. and Mitsubishi Electric Corporation and headquartered in Tokyo, Japan, Renesas Technology is now one of the largest semiconductor companies in the world and claims to be the number one microcontroller supplier globally. Besides microcontrollers, Renesas Technology offers system-on-chip devices, Smart Card ICs, mixed-signal products, flash memories, SRAMs and more.

Profile of Renesas Technology

Name:	Renesas Technology Corp.
Head office:	Marunouchi Building., 4-1,  Marunouchi 2-chome Chiyoda-ku, Tokyo
Major plants:	Hitachinaka in Ibaraki Prefecture, Nakakoma in Yamanashi Prefecture, Takasaki in Gunma Prefecture, Itami in Hyogo Prefecture, Saijo in Ehime Prefecture, Kami in Kochi Prefecture.
Capital:	50 billion yen ($421M)
Equity ratio:	Hitachi: 55%,  Mitsubishi Electric: 45% Renesas Technology Corp. is an equity method affiliate. While the new company will be independently run, major management decisions will be determined by consensus agreement between Hitachi and Mitsubishi Electric.
Established:	April 1, 2003
Operations:	Development, design, manufacture, sales and servicing of system LSI products such as microcomputers, logic, analog and discrete devices, flash memory and SRAM.
Top executives:	Chairman & CEO (representative director): Dr. Koichi Nagasawa President & COO (representative director): Satoru Ito
Sales (consolidated)	Over 900 billion yen (forecasted for FY 2003)
Capital Expenditure	Approx 100 million yen (planed for FY2003)
Employees	27,200 (global, consolidated)

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Renesas Technology: Japan Consolidated Companies (Established April 1, 2003)

Sales
Renesas Technology Sales Co.,Ltd.

Design
Renesas Solutions Corp.
Renesas LSI Design Corp.
Renesas Semiconductor Engineering Corp.
Renesas Device Design Corp

Manufacturing
Renesas Northern Japan Semiconductor, Inc.
Renesas Eastern Japan Semiconductor, Inc.
Trecenti Technologies, Inc.
Renesas Naka Semiconductor Co., Ltd.
Renesas Nagano Semiconductor Corp.
Renesas Kyushu Semiconductor Corp.

Others
Renesas Takasaki Semiconductor Co, Ltd.
Renesas Kodaira Semiconductor Co, Ltd.

Renesas Technology: Overseas Consolidated Companies (Established on April 1)

Sales
Renesas Technology America, Inc.
Renesas Technology Europe Limited

Design, Applied technology
SuperH, Inc.
Mitsubishi Stone Semiconductor Design Center Co., Ltd.
(Renesas Semiconductor Design (Beijing) Co., Ltd. (Company name will change in May))
Renesas System Solutions Asia Pte. Ltd.

Manufacturing
Renesas Semiconductor Europe (Alsdorf) GmbH
Renesas Semiconductor  Europe (Landshut) GmbH
Mitsubishi Stone Semiconductor Co., Ltd.
(Renesas Stone Semiconductor (Beijing) Co., Ltd. (Company name will change in July))
Renesas Semiconductor (Suzhou) Co., Ltd.
Renesas Semiconductor (Malaysia) Sdn. Bhd.