UPDATE 2-Panasonic to sell its chip unit to Taiwan's Nuvoton for $250 million [Reuters]
PANASONIC HLDS CP S/ADR (PCRFY)
NASDAQ:AMEX Investor Relations:
panasonic.com/global/corporate/ir.html
Company Research
Source: Reuters
Panasonic to sell its chip unit to Taiwan's Nuvoton for $250 million TOKYO(Reuters) - Panasonic Corp ( 6752.T ) said it would sell its loss-making semiconductor unit to Taiwan’s Nuvoton Technology Corp ( 4919.TW ) for $250 million as the Japanese electronics giant struggles to lift its profit amid a lack of growth drivers. The sale is part of Panasonic’s plans to cut fixed costs by 100 billion yen ($920 million) by the year ending in March 2022 by consolidating production sites and overhauling loss-making businesses. Panasonic has already divested most of its chip business as it lost to more nimble Korean and Taiwanese rivals, and has shut down or shifted its manufacturing facilities to its joint venture (JV) with Israel’s Tower Semiconductor ( TSEM.TA ). Its semiconductor unit currently focuses on designing power-management chips and sensors for smartphones, cars and security cameras. It sold part of the power management chip business to Japan’s Rohm Co ( 6963.T ) this month.
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