Japan's iconic chipmaker, Panasonic exits semiconductor business
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Japan's electronics giant, Panasonic announced on Thursday that it was exiting the semiconductor business. The company succumbed to the intense competition from China and South Korea that resulted in huge losses. The loss-making subsidiary is being sold to a Taiwanese firm. Panasonic emerged as a global chipmaking powerhouse in the 1980s and 1990s. It would receive $250 million from Taiwan's Nuvoton in exchange for the subsidiary.