Nikkei: Panasonic to sell 60% of TV plant for ~$97M

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

The Nikkei reports Panasonic (PCRFY) plans to sell 60% of a 120K-sq. meter Japanese TV plant to Daiwa House Industry by next spring for ~¥10B ($97M).

Panasonic is also thinking of selling the rest of the plant to other buyers. No TVs have been made there in 2012, but the facility is still used for maintenance work (among other things).

The struggling electronics OEM has already been busy restructuring. It recently transferred 3 chip manufacturing plants to a 49/51 JV owned in partnership with Israel's TowerJazz (TSEM). Panasonic received 870K TowerJazz shares (current value of $8.2M) in return.

The efforts are yielding results: Panasonic expects to end the current fiscal year (ends March '15) with no net debt for the first time in 6 years.