Panasonic In Talks To Sell 3 Japan Chip Plants To Israel's TowerJazz : Reports

(RTTNews) - Japanese consumer electronics giant Panasonic Corp. (PC) is said to be nearing a deal to sell three domestic semiconductor plants to Israel's Tower Semiconductor Ltd. (TSEM), according to media reports. The deal could reportedly be finalised in the fiscal year ending March 2014.

Reports added that the plants are believed to be worth over 10 billion yen or $99 million, with a final decision likely to be made as soon as next month. Further, the company is also in discussions with another company for the sale of its five overseas chip plants.

Last month, the firm doubled its annual net profit outlook to 100 billion yen after benefiting from a weak yen and boosting sales of its batteries for electric cars.