Panasonic to sell three Japan chip factories to Israel's TowerJazz: sources

TOKYO Tue Nov 26, 2013 7:11pm EST

Panasonic Corp's Logo is pictured at an electronics store in Tokyo March 28, 2013. REUTERS/Yuya Shino

Panasonic Corp's Logo is pictured at an electronics store in Tokyo March 28, 2013.

Credit: Reuters/Yuya Shino

TOKYO (Reuters) - Japan's Panasonic Corp (6752.T) will sell three domestic semiconductor factories to Israel's TowerJazz (TSEM.TA) as early as the current business year ending March, sources with direct knowledge of the matter said, bringing the embattled electronics giant closer to completing the overhaul of its loss-making businesses.

Panasonic is also in talks with another company to sell its five overseas chip plants, the sources said on Wednesday, declining to be identified because the information is not public yet.

Panasonic said in a statement it was studying various options for its chip business but that nothing had been decided.

(Reporting by Reiji Murai; Writing by Chang-Ran Kim; Editing by Dominic Lau)

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