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FOR IMMEDIATE RELEASE No.2652
Mitsubishi Electric Enters into Purchase and Sale Agreement of Land and Building with Renesas Electronics
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Tokyo, January 30, 2012 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today that Mitsubishi Electric and Renesas Electronics Corporation (TOKYO: 6723) have signed an agreement on January 30, 2012 in which: (1) Renesas Electronics will obtain a portion of Mitsubishi Electric's land in the Kitaitami operation (Itami, Hyogo); and (2) Mitsubishi Electric will acquire Renesas Electronics' manufacturing building (the "U building") located within the premises of Mitsubishi Electric's Kitaitami operation.
Mitsubishi Electric and Renesas Electronics will now enter negotiations to finalize the details and aim to complete the transactions by March 31, 2012.
The mutual purchases will resolve a complicated mix of the two companies' properties, a condition that has existed since April 2003.
Mitsubishi Electric and Renesas Electronics will now enter negotiations to finalize the details and aim to complete the transactions by March 31, 2012.
The mutual purchases will resolve a complicated mix of the two companies' properties, a condition that has existed since April 2003.
Overview of the land to be acquired by Renesas Electronics
| Address | 4-1, Mizuhara, Itami, Hyogo |
| Land Area | Approximately 32,013 square meters (Eastern part of the Mitsubishi Electric's Kitaitami operation) |
| Effective date | March 31, 2012 (scheduled) |
Overview of the U building to be acquired by Mitsubishi Electric
| Completion Date | September 1992 |
| Structure | Steel (Partially steel-reinforced concrete) |
| Footprint | 4,047 square meters |
| Floor Area | 21,161 square meters |
| Effective date | March 31, 2012 (scheduled) |