Panasonic to pull plug on Japanese smartphone business: Nikkei

|About: Panasonic Corp. ADR (PCRFY)|By:, SA News Editor

Panasonic (PCRFY.OB +1.8%) is finalizing plans to pull out of the Japanese smartphone business, Nikkei reports. It will end production at its factory by Mar. 2014.

Panasonic will continue offering conventional cellphones, specialized smartphones for corporate users, and outsourced models for foreign markets.

The company has apparently been approached by potential buyers like Nokia for its cellular base station business.

The move comes after Japan's largest mobile carrier, NTT DoCoMo, adopted a new marketing strategy to offer larger discounts on smartphones from Sony and Samsung.

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