Panasonic to sell chip plants in Asia: report

Panasonic is set to sell three chip assembly plants in Southeast Asia as part of the company's restructuring efforts.

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Panasonic is aiming to sell three chip assembly plans in Asia to Singaporean firm United Test and Assembly Center as the company continues to restructure amid financial losses.

The tech giant hopes a deal will be signed and completed by the end of February. The plants, located in Indonesia, Malaysia and Singapore, account for almost 6,000 employees.

According to Reuters sources, a price is yet to be agreed, and Panasonic is still considering options for two other chip plans in Shanghai and Suzhou, China -- although the electronics maker could either sell them or close them down to save money.

A Panasonic spokesman said options were being "considered" but nothing has been finalized.

United Test and Assembly Center Ltd is one of the largest providers worldwide of semiconductor components, including memory and circuits. UTAC has manufacturing plants in Singapore, China, Shanghai and Taiwan.

In December, Panasonic announced a joint venture with TowerJazz Semiconductor, which will take over three of the company's plans in Japan.

Panasonic's finances have been less than impressive in the last few years, but in Q4 2013, despite a sales drop of eight percent, the firm managed to secure $667 million in profit. This small profit is not much, true, but may signal a turning point for the consumer electronics maker after after posting a $9.7 billion loss for the fiscal year ending 2012.