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Panasonic Completes Transfer Of Semiconductor Business To Nuvoton

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Panasonic Corp of Osaka, Japan has completed the transfer of
its semiconductor business - which is mainly operated by Panasonic
Semiconductor Solutions Co Ltd (PSCS) - to Taiwan-based Nuvoton Technology
Corp, a semiconductor company under the umbrella of Winbond Electronics Corp
group, following the receipt of regulatory approvals.

Since the transfer was announced last November, Panasonic
and Nuvoton have been collaboratively pursuing anti-trust clearance and other
customary regulatory approvals from the competent authorities, with a target
effective date of 1 June. However, the closing date was postponed due largely
to the COVID-19-induced delay in clearance processes. The transaction has now
been completed with all the necessary approvals obtained.

Restructuring of the semiconductor business, announced along
with the transfer, has already been completed prior to the transaction.

Panasonic says that, going forward, it remains committed to
focusing on its B-to-B business. In the industrial solutions business, it has
identified ‘Automotive CASE', ‘Information Network Infrastructure' and
‘Automation/Labor-savings' as three key areas of focus.

Following completion of the transfer, PSCS is being renamed
Nuvoton Technology Corporation Japan.

The transaction includes all shares of PSCS, equipment and
inventories of Panasonic Semiconductor (Suzhou) Co Ltd, and assets, liabilities
and contracts related to predefined specific business of Panasonic Industrial
Devices Semiconductor Asia.

Nuvoton not only acquires PSCS' R&D manpower, plus
sensing, microcontroller and component technologies but also land in Nagaokakyo
City, Kyoto Prefecture and four other locations. In the long term, Nuvoton is
expected to enhance the technology capabilities, diversify the product line,
enlarge its business scope as well as revenue growth, gain additional market
shares and therefore increase its visibility in both Japan and the global
market.

Through the acquisition, Nuvoton aims to capture the
long-term growth trends in the industrial automation and automotive sectors,
create a strategic position for its industrial growth, expand global sales
channels and boost its influence in the global semiconductor industry.






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