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17 Jun 2002
NEC Corporation is to divest its optical-semiconductor as well as its microwave-silicon and compound-semiconductor operations to a new company that it will form in October 2001. The new firm, with a paid-in capital of JAY 12 billion, is expected to generate first-year sales of JAY 120 billion and will be staffed by approximately 500 people. Preparations for the establishment of the company will begin in April when Japan's Revised Business Law comes into effect. While NEC will have 100% ownership of the new firm, it intends to take the company to an initial public offering within two years.
Research and development for these and other next-generation devices will be located at a device R&D facility that will be based within the NEC Kansai plant in western Japan. Related fundamental device R&D will be established at NEC's Tsukuba laboratories in Tsukuba City, Ibaraki Prefecture.
NEC believes that this will treble the sales of optical and microwave devices from JAY 100 billion in the fiscal year 2000, to JAY 300 billion by 2005, compared to a forecasted doubling of the market size to JAY 2 trillion in the same period.
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