Japanese Toshiba, Brazilian electronics engineering research institute VBC (Wernher von Braun Center for Advanced Research), and Toshiba's affiliate in Brazil STI (Semp Toshiba Informática) have signed an MoU (Memorandum of Understanding) for semiconductor design, according to a December 3, 2010 report by the EE Times. As per the MoU, the three companies will set up a joint venture by the end of March 2011, and it is projected that the JV will be used for designing semiconductors for applications in Brazil. It is reported that the JV is valued at US$4 million, and STI is projected to own more than half of the JV, approximately 60%. Toshiba and VBC are estimated to own 30% and 10% of the JV, respectively.