Panasonic semiconductor firm sold

Japanese electronics manufacturer Panasonic Corp is abandoning the semiconductor business with the sale of its last business in that sector to a company in Taiwan.

Panasonic said on Thursday it was transferring the semiconductor business operated by Panasonic Semiconductor Solutions Co to Nuvoton Technology Corp.

In recent years, Panasonic has sold its semiconductor plants in Singapore, Indonesia and Malaysia.

Terms of the sale were not disclosed.

Panasonic’s chipmaking has been struggling in recent years amid competition from cheaper rivals in South Korea and the rest of Asia.

The move highlights Panasonic and other Japanese electronics makers efforts to focus on lucrative businesses.