Renesas announces the completion of its acquisition of Intersil.
“I am excited to welcome the Intersil employees into the Renesas Group and look forward to building a robust organization that will bring the capabilities of both companies to bear to proactively address changing market dynamics and customer needs,” says Renesas CEO Bunsei Kure, “with the close of this acquisition, Renesas has transformed into an industry powerhouse with one of the most comprehensive set of advanced embedded solutions.”
Intersil becomes a wholly-owned subsidiary of Renesas. Dr. Necip Sayiner joined Renesas’ executive team, as of February 24, 2017, as Executive Vice President and will continue to lead Intersil as the President, Chief Executive Officer, and Director.
Renesas also plans to continue operations at Intersil’s production facility in Palm Bay, Florida, and its home office in Milpitas, California, as well as the design centres and sales and support organizations serving its customers globally.
As previously announced in September 2016, Renesas anticipates that near- and long-term revenue expansion opportunities combined with the modest anticipated cost efficiencies associated with greater scale will eventually generate synergies of $170 million.
