Panasonic Corp. will sell its chip business to Taiwan's Nuvoton Technology Corp. as it steps up efforts to pull out of loss-making operations and focus more on growth areas, the firm announced Thursday.
The electronics manufacturer will sell its shares in Panasonic Semiconductor Solutions Co., based in Kyoto Prefecture, and TowerJazz Panasonic Semiconductor Co., a Toyama Prefecture-based joint venture it set up with Israeli firm Tower Semiconductor Ltd., Panasonic Corp. confirmed.
The sale comes after Japanese chip manufacturers — once global leaders — have struggled in recent years in the face of fierce competition from South Korean and Taiwanese rivals.