Panasonic Corporation announced the sale of its loss-making semiconductor division to Taiwanese company Nuvoton Technology Corp for $250 million.
The sale of the unit is part of Panasonic's plan to cut fixed costs by 100 billion yen ($920 million) by the end of its fiscal year ending March 2022 by consolidating production facilities and revising and modernizing unprofitable businesses.
Faced with intense competition from Korean and Taiwanese companies, Panasonic has been forced to sell off most of its chip manufacturing business, and has either shut down or transferred its production capacity to a joint venture with Israeli company Tower Semiconductor.
Source: 3dnews.ru