Panasonic is going to sell their image sensor business (TowerJazz) to Taiwan's Nuvoton for $250 million:
Panasonic has already divested most of its chip business as it lost to more nimble Korean and Taiwanese rivals, and has shut down or shifted its manufacturing facilities to its joint venture (JV) with Israel's Tower Semiconductor.
The latest deal includes the sale of the entire JV, which is owned 51% by Tower and 49% by the Panasonic chip unit. The JV operates three Japanese chipmaking facilities.
Nuvoton said in a statement the all-cash transaction was expected to close by June 2020, and would "increase Nuvoton's presence in the global semiconductor industry through greater scale and volume of semiconductor solutions".
Panasonic has turned its focus away from low-margin consumer electronics and bet on businesses that sell to automakers, as well as to corporations such as factory-owners and firms that automate processes. (Reuters)
