Panasonic to sell SE Asia chip assembly plants to UTAC unit

TOKYO Tue Feb 4, 2014 1:47am EST

Panasonic's logo on a lamp is seen at an electronic shop in Tokyo February 1, 2013. REUTERS/Yuya Shino

Panasonic's logo on a lamp is seen at an electronic shop in Tokyo February 1, 2013.

Credit: Reuters/Yuya Shino

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TOKYO (Reuters) - Panasonic Corp (6752.T) said on Tuesday it would sell chip assembly plants in Southeast Asia to a unit of Singapore's UTAC Holdings Ltd as it moves into the final stages of a sweeping restructuring to unload unprofitable operations.

The company gave no financial details of the deal to offload three chip assembly units operating plants in Indonesia, Malaysia and Singapore.

The move follows closely on the heels of the transfer of its chipmaking facilities in Japan to a joint venture majority-owned by Israeli chipmaker TowerJazz Semiconductor Ltd (TSEM.TA).

(Reporting by Edmund Klamann; Editing by Miral Fahmy)

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