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Panasonic continues to slash underperforming units, to sell 3 semi plants

  • In a previously speculated move, Panasonic (PCRFY) will sell 3 semi plants in Japan to Israeli chipmaker TowerJazz, the Nikkei reports. Located in Toyama and Niigata, the plants preform mostly front-end steps like forming circuits on wafers that go into Panasonic products.
  • Their enterprise value is estimated at ~$97M, and the plants are in need of capex to remain competitive. The majority of 2.5K workers at the plants will be employed by the new owner.
  • Panasonic is in talks to sell chip assembly plants in china, Indonesia, and Malaysia as well, with the semi business having posted a ¥20.5B loss on ¥184B in sales in the last fiscal year. The company's medium-term plan calls for stemming hemorrhaging units by FY2015.
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