NEC promises to help struggling chipmaker Renesas

NEC promises to help struggling chipmaker Renesas, says details are undecided

Associated Press

TOKYO (AP) -- NEC Corp. says it is promising support for struggling chipmaker Renesas but that details haven't been decided.

NEC owns 3 percent of Japan's Renesas Electronics Corp., a leading maker of chips for autos, but is indirectly a 35 percent stakeholder.

NEC Senior Executive Vice President Takashi Niino made the remarks at a shareholders' meeting in Tokyo on Friday, promising some kind of help for Renesas.

Kyodo news service said NEC, Hitachi Ltd. and Mitsubishi Electric Corp. are providing 50 billion yen ($625 million) to Renesas. NEC said nothing had been decided.

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