Panasonic's Sanyo To Sell Its Chip Unit To ONNN

TOKYO (AP) -- Panasonic's Sanyo Electric Co. signed a $366 million deal to sell its chip unit to ON Semiconductor Corp ONNN, allowing the U.S. manufacturer to expand its business in the Japanese market, the companies said Thursday. Under the agreement, ON acquires Sanyo's chip subsidiary Sanyo Semiconductor Co. and assets related to its semiconductor business in a cash and stock transaction, the two companies said a joint statement. ON President and CEO Keith Jackson said the union of the two companies will enhance ON's presence in the automotive and consumer markets in the Asia-Pacific region. "Strategically, this acquisition is expected to provide us with increased access to an important part of the global semiconductor market, the Japanese market," he said.