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Denso Corp., one of the world’s top automotive semiconductor manufacturers and a key supplier to Toyota Motor Corp., may consider spinning off its chip business, which generates around ¥420 billion ($3.1 billion) in sales, the company’s chief technology officer said Friday.

Well known as the world’s second-biggest auto-parts-maker, Denso has also quietly built up a presence in automotive chips. Now, with semiconductor-related capital expenditures totaling around ¥160 billion over the past three years, Denso ranks as the world’s fifth-largest supplier of automotive chips by sales.

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