Renesas Electronics Corporation (TSE: 6723), a premier supplier of advanced semiconductor solutions, today announced that, at a meeting of its board of directors held today, it has decided to spin off, through an absorption-type separation, its Mobile Multimedia SoC Business Division and transfer the business to a new consolidated subsidiary, Renesas Mobile Corporation, effective as of December 1, 2010. The spin-off of the Mobile Multimedia SoC Business Division, which offers system-on-chip (SoC) products for mobile devices and car navigation systems, will be followed by the purchase of the wireless modem business of Nokia Corporation, which is scheduled to be completed on November 30 and its assets of the wireless modem business (approved, purchase in progress) will also be transferred to Renesas Mobile. Aiming to increase its overseas sales ratio to 60 percent by FY2012, Renesas Electronics has been strengthening its business in the global market.