Hitachi and Mitsubishi confirm non-DRAM venture News from E-InSite Hitachi and Mitsubishi Electric confirmed last week the signing of a joint venture agreement that will combine their non-DRAM chip operations in to a new company to be called Renesas Technology. Hitachi plans to transfer assets of about $2.8bn to the new company, while Mitsubishi plans to transfer assets of $1.9bn for respective 55 percent and 45 per cent stakes in Tokyo-based Renesas. The parent companies are already predicting sales exceeding $7.5bn in Renesas' fiscal 2003, which will start on April 1.