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Panasonic Said in Talks to Sell Three Chip Plants to TowerJazz

Panasonic Corp. is in talks to sell majority stakes in three chip factories in Japan to Israel’s Tower Semiconductor Ltd., according to a person familiar with the matter.

The plants are likely worth more than 10 billion yen ($99 million), and a final decision may come as soon as next month, the person said, asking to not be identified because the talks are continuing. Most of the 2,500 workers at the factories will move to Tower, while the rest will switch to other roles at Panasonic, the person said.