Fujitsu , Panasonic and the Development Bank of Japan have completed the consolidation of their LSI business with formation of new company called Socionext.
The new company has received capital contribution from Development Bank of Japan. It will have 2600 employees as of March 2015 and capital of JPY30.2bn ($252m).
In July 2014, the companies had signed a deal to set up a new fabless-type company for the design and development of system LSI devices.
The company will leverage the expertise and intellectual properties of both Fujitsu and Panasonic, as well as the customer bases.
It will be headquartered in Yokohama, Japan and will have seven offices in Japan, and 15international offices in Asia, the US and Europe.
Socionext chairman and CEO Yasuo Nishiguchi said, "Socionext has gathered a number of world-class engineers with the track record of providing many products, and the goal of contributing to society by creating new value.
"While we aim to fully leverage the technical expertise and customer base that we have accumulated over many years, we will also implement a new business system, which allows us to boldly make a change, leading us to profitability and sustainable growth.
"I am confident that, by sharing common goals and working together to meet the new challenges, this newly assembled team will be able to create a company trusted by partners worldwide, and one that everybody is proud to work for."
