Panasonic Completes Transfer of Its Semiconductor Business
September 2, 2020 | Panasonic CorporationEstimated reading time: 1 minute
Panasonic Corporation announced that it has completed the previously announced transfer of its semiconductor business to Nuvoton Technology Corporation, a Taiwan-based semiconductor company under the umbrella of Winbond Electronics Corporation group, following the receipt of regulatory approvals.
Panasonic announced on November 28, 2019 the transfer of its semiconductor business mainly operated by Panasonic Semiconductor Solutions Co., Ltd. (PSCS).
Panasonic and Nuvoton have since been collaboratively pursuing antitrust clearance and other customary regulatory approvals from the competent authorities, with a target effective date of June 1, 2020. However, the closing date was postponed due largely to the COVID-19-induced delay in clearance processes. Now the transaction is successfully completed with all the necessary approvals obtained.
Restructuring of the semiconductor business, announced along with the transfer, has already been completed prior to the transaction.
Going forward, Panasonic remains committed to focusing on its B-to-B business. In the industrial solutions business, the company has identified “Automotive CASE,” “Information Network Infrastructure” and “Automation/Labor-savings” as three key areas of focus to deliver innovative products that meet the customers’ needs and further develop the business globally.
The full-year earnings forecast will remain unchanged as the financial impact of the transfer has already been factored into the projection. Following the completion of the transfer, PSCS will be renamed as Nuvoton Technology Corporation Japan.
Suggested Items
Orbex Secures £16.7m Investment for Rocket ‘Ramp Up’ Period
04/24/2024 | OrbexThe UK spaceflight company Orbex has received £16.7m from six backers in an update to its Series C funding round.
Robin Hayes Selected to Lead Airbus in North America
04/23/2024 | AirbusAirbus SE has announced that C. Jeffrey Knittel is retiring as Chairman and Chief Executive Officer of Airbus Americas, Inc. effective June 3, 2024, after serving as the region’s top executive since 2018. He will remain with Airbus through a transition period. Robin Hayes, former CEO of JetBlue Airways, has been selected to succeed him.
Zentech’s Board of Directors Announces the Return of Matt Turpin as President and CEO
04/22/2024 | Zentech ManufacturingTurpin draws upon over 35 years of experience in the electronics industry and has an 18-year history with Zentech. He previously served as President and CEO from 2006 to 2019 after which time he has remained active in the EMS industry as an advisor to Zentech and other industry organizations.
Altair Acquires Cambridge Semantics, Powering Next-Generation Enterprise Data Fabrics and Generative AI
04/22/2024 | AltairAltair a global leader in computational intelligence, acquired Cambridge Semantics, a modern data fabric provider and creator of one of the industry’s leading analytical graph databases.
NEC Strengthens Commitment to Space Industry with Investment in Seraphim Space Venture Fund II
04/22/2024 | JCN NewswireNEC Corporation announced a strategic investment in "Seraphim Space Venture Fund II," a pioneering venture capital fund specializing in the space industry and operated by Seraphim Space, the most prolific investor globally in this domain.