ルネサス再建 政府主導で甘え断つ改革を

The Yomiuri Shimbun (Jan. 16, 2013)
Ailing chipmaker Renesas must reform, achieve self-reliance
ルネサス再建　政府主導で甘え断つ改革を（1月15日付・読売社説）

Even if a company is indispensable to Japan's manufacturing industry, it will face difficulty reconstructuring itself under the government's initiative. Such a company needs to reform its management in a way that does not depend on government support.
　日本の製造業に不可欠な企業だとしても、政府主導で再建する道は険しい。甘えを断ち切る経営改革が求められよう。

The Innovation Network Corporation of Japan (INCJ), a state-backed investment fund, has decided to buy about 70 percent of shares in Renesas Electronics Corp., a major but financially troubled chipmaker, and put the company under its umbrella. Eight companies including Toyota Motor Corp. and Nissan Motor Co. will hold a combined 6 percent of shares in the chipmaker.
　官民投資ファンドの産業革新機構が、経営不振に陥った半導体大手ルネサスエレクトロニクスの株式の約７割を買収し、傘下に収める方針を決めた。トヨタ自動車、日産自動車など８社も計６％の株主となる。

With total public and private investment amounting up to 200 billion yen, a rare "hinomaru coalition" support system has been established.
　官民合わせた出資額が最大２０００億円という「日の丸連合」による異例の支援体制である。

Renesas was founded by Mitsubishi Electric Corp., Hitachi Ltd. and NEC Corp., and is the world's largest maker of microcontroller chips, with a share of about 30 percent in the global market. The product controls the functions of motors in automobiles and home appliances.
　ルネサスの母体は三菱電機、日立製作所、ＮＥＣの電機３社だ。自動車や家電のモーターを制御するマイコンの首位メーカーで、世界シェア約３割を占める。

The Great East Japan Earthquake caused major damage to Renesas' main factory. Many domestic companies were forced to halt production because they were unable to procure microcontrollers.
　東日本大震災では、ルネサスの主力工場が被災したため、日本各社がマイコンを調達できずに生産停止に追い込まれた。

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Inefficient management

This shows manufacturers are largely dependent on Renesas. However, Renesas has chalked up losses for seven consecutive years--including a period under one of its predecessors--and the company is expected to register a massive deficit this fiscal year.
　ルネサス頼みの実態を示すが、それでもルネサスは前身企業時代から７年連続で最終赤字となり、今期も巨額赤字の見込みだ。

The poor business performances seem to be caused by inefficient management under a motley collection of different companies and discount sales of a variety of products, kept in small volumes, to cater to the requests of clients.
　寄り合い所帯で非効率な経営が続いた上、納入先からの要求に合わせて少量多品種の安値販売を続けてきたことが要因だろう。

A U.S. investment fund once offered to provide financial assistance. But if Renesas were placed under the umbrella of a foreign firm, it may result in an outflow of technology abroad or disruptions in the procurement of parts by domestic companies.
　一時、米系投資ファンドによる支援の動きも出たが、ルネサスが外資傘下に入れば、技術が海外流出したり、日本各社の部品調達に支障が出たりしかねない。

The public and private sectors share a sense of crisis over Renesas because it is a key company in the manufacturing field. Therefore, they took action to counter the foreign fund's buyout offensive.
　官民が「ルネサスは日本のものづくりを支える重要企業」として危機感を共有し、外資の買収攻勢を巻き返したと言えよう。

The INCJ, which has taken over the management of Renesas, said it would help the company "build up a strong constitution capable of competing globally."
　経営権を握る革新機構は、「グローバルで競争できる筋肉質の体質を作る」と表明している。

But even if the company boasts of high-level technology, optimism on its future outlook may not be warranted.
　ただ、高い技術力を持っていても、先行きは楽観できない。

The government bears a grave responsibility in extending assistance to a private company by injecting a huge amount of public funds. The government must accelerate its efforts to make the company profitable.
　巨額の公的資金を投入して民間企業を支援する政府の責任は重大だ。黒字体質に転換する戦略を加速しなければならない。

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Don't sell products cheaply

If client companies that have become major shareholders continue to ask Renesas to develop and produce microcontrollers cheaply, it will be difficult for the company to operate in the black. We believe it is necessary for the company to expand its sales channels overseas.
　主要株主になった顧客企業がルネサスに安価なマイコン開発や生産を求め続けるなら、ルネサスの収益向上は難しい。海外にも販路を拡大する工夫が要る。

While additional restructuring measures, including job cuts, should proceed, efforts should be made for the company to invest vigorously in growing fields.
　人員削減など追加リストラを進めるとともに、成長分野への積極的な投資で活路を開くべきだ。

Elpida Memory Inc., another major chipmaker in which the government injected public funds, went bankrupt about three years after the assistance was extended. A repetition of this failure is unacceptable.
　政府が公的支援した別の半導体大手、エルピーダメモリは約３年で経営破綻した。失敗を繰り返すことは許されない。

The administration of Prime Minister Shinzo Abe attaches importance to strengthening the nation's industrial competitiveness and has proposed the INCJ be used for this purpose. It also has called for the creation of a new fund to support companies so they can expand their overseas businesses. However, the point is not to launch a number of funds, but to ensure immediate tangible achievements.
　安倍政権は産業競争力強化を重視し、革新機構の活用のほか、企業の海外進出を支援する新たなファンド創設も打ち出した。ファンドの乱立に終わらせず、速やかに成果を上げる必要がある。

(From The Yomiuri Shimbun, Jan. 15, 2013)
（2013年1月15日00時16分  読売新聞）