Panasonic Corp said it would sell its loss-making semiconductor unit to...
) for $250 million as the Japanese electronics giant struggles to lift its profit amid a lack of growth drivers.
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 with Israel’s Tower Semiconductor . The latest deal includes the sale of the entire JV, which is owned 51% by Tower and 49% by the Panasonic chip unit. The JV operates three Japanese chipmaking facilities.
Nuvoton, which was spun off from Winbond Electronics Corp in 2008, supplies chips for electronic devices including computers and audio products.
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