Panasonic May Sell China Camera Factory
According to Reuters, Panasonic Corp. is considering selling a plant in Suzhou, a city in southeast China’s Jiangsu province, that makes security cameras in a deal it hopes will fetch more than $450 million.
The Reuters report stated that Panasonic is looking to close first-round bidding in early April and that, according to Tokyo Stock Exchange market index Nikkei 225, U.S. equity fund Carlyle Group and British funds Permira and CVC Capital Partners are among potential buyers.
The Nikkei said money from the sale could be used in other Panasonic businesses such as automotive batteries, as Panasonic is the exclusive battery supplier for Tesla Inc.’s Model 3 sedan and has been seeking to expand its range of advanced driving-related products to better compete with suppliers such as Bosch and Continental AG, Reuters reported.
The Nikkei said Panasonic may end talks if it does not receive an agreeable bid.
This is a developing story; please check back with SDM for updates.