GlobalFoundries is scooping up former Renesas engineers who were pushed out as the Japanese company remakes itself.
No official data has been released about how many Japanese semiconductor
engineers have already left their employers and are currently working
at non-Japanese companies in South Korea, Taiwan or in China. Some suspect
that there are many. These are Japanese engineers who cut their teeth
and honed their skills in semiconductor manufacturing processes at their Japanese employers.
GlobalFoundries’ Fab 8 initiative is
looking particularly timely today, even though counting on ex-Renesas
engineers probably wasn’t the foundry’s original intention.
Renesas employees’ expectations for the company and its management have
sunk to all-time low. More than 7,511 employees last September applied
to the early retirement program, for which Renesas had originally
expected around 5,000 applicants. The unexpectedly high number was
widely reported in Japan then as an early warning sign of an exodus at
According to a survey about the company’s future,
conducted by Renesas’ "unofficial" group consisting of the company's current and former employees, 46 percent of the group responded: “Renesas will collapse within the next few years.”
Thirty-two percent said, “Renesas will gradually deteriorate.” Those who
predicted a slow recovery of the company was limited to 6 percent.
asked what is most needed for Renesas’ recovery, the answer that got
the most responses – 39 percent – was: “Better management.”
However, the survey sample had only 75 responses, according to a Renesas spokesman.
In the U.S., CFIUS is bringing new levels of scrutiny to M&A’s, especially those involving foreign capital. But national security needs to be balanced with the benefits of investment capital coming into the country.