OSAKA -- Japan's electronics giant Panasonic plans to sell its two plasma display plants at its Amagasaki site in Hyogo Prefecture, western Japan, to a Singapore-based investment firm, The Nikkei learned Wednesday.
The Redwood Group, which specializes in logistics and real estate, will spend more than $100 million to buy the plants, as well as the land, which is currently owned by Kansai Electric Power. The parties will likely reach a final agreement sometime around this summer.
Total floor space of the two factories, which stopped production a few years ago, is 340,000 sq. meters. Panasonic had previously agreed to sell the plants to Zuiko, a maker of disposable diaper manufacturing machines, but they eventually gave up the deal, having failed to reach agreement on certain conditions.