Panasonic to sell loss-making chip unit to Taiwan's Nuvoton for $250m

A Panasonic camera strap is laid out on a table. Photo: Wojciech Magdziak vel Wierzbicki

Panasonic Corp said it would sell its loss-making semiconductor unit to Taiwan’s Nuvoton Technology Corp 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.

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