Japan’s Panasonic close to deal to sell chip plants to firm in Israel: report


TOKYO–Japan’s Panasonic is nearing a deal to sell three domestic semiconductor plants to an Israeli company as it presses ahead with a move to cut money-losing operations, a report said Wednesday. The electronics giant’s shares jumped 3.45 percent to close at 1,167 yen after the Nikkei business daily said it would sell majority stakes in the three factories to chipmaker TowerJazz. The deal’s price tag would be determined later, it added.

Most of the plants’ 2,500 workers will stay on after the agreement, with other members of staff transferred to different divisions within Panasonic, the Nikkei said. The deal could reportedly be finalised in the fiscal year to March 2014. Panasonic is also in talks to sell full or partial stakes in overseas chip-assembly plants to a Singaporean company, including factories in China, Indonesia and Malaysia, the leading Japanese business daily said.