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Companies

Panasonic to spin off security camera business as costs weigh

Japanese group partners with investment fund Polaris to lighten burden

The market for surveillance cameras is expanding. (Photo courtesy of Panasonic)

OSAKA -- Panasonic will spin off its surveillance camera operations, tapping the financial power of an equity fund for costly facility investment as it grapples with fierce competition from Chinese rivals.

Panasonic will transfer its security camera manufacturing and development operations -- including its factory in Suzhou, China -- to the new company it will set up. Tokyo-based Polaris Capital Group then will purchase a majority stake in the envisioned company. Panasonic expects to pocket more than 30 billion yen ($273 million) from the sale.

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