OREANDA-NEWS. Fujitsu Limited, Fujitsu Semiconductor Limited, Panasonic Corporation, and Development Bank of Japan Inc. (DBJ) announced that the parties have signed a definitive agreement to establish a new fabless-type company to design and develop system LSI.

Under the leadership of Mr. Yasuo Nishiguchi, incoming CEO, the new company will consolidate, in a profitable manner, world-class management resources, including technologies, people, intellectual properties, and customer bases, of both Fujitsu Semiconductor and Panasonic in the field of video and imaging as well as networking. By transforming to a fabless business model and focusing on rapidly-growing markets such as optical networks, the new company will expand its business globally and aim for an initial public offering within several years.

The business is scheduled to commence from the fourth quarter of fiscal 2014, after completing necessary requirements with regard to antitrust laws and other procedures in each country.

DBJ will utilize the 'Fund for Japanese Industrial Competitiveness' so that the new company will create new value which will in turn make Japan more competitive in the system LSI field.