Panasonic to Sell LCD TV Plant in Mexico

Panasonic will be selling its LCD TV plant in Mexico as part of its restructuring measures, according to a recent Kyodo News report.

The LCD TV plant owned by Panasonic subsidiary Sanyo Electric Co. that manufacturers TV for U.S. retail giant Wal-Mart Stores Inc, is expected to be sold to China’s TCL group for US$15.2 million, said sources familiar with the matter.

The Japanese manufacturer will also sell off its ceramic substrate plant for medical and industrial machinery to Tokyo-based precision parts maker Adamant Co. at the end of May, said Adamant Co. officials.

Panasonic hopes to finish restructuring in fiscal 2014, and has been eliminating unprofitable businesses since April 2014 in hopes of achieving sales target of 10 trillion yen (US$96.88 billion) by 2018.

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