Panasonic plans to sell health care business

TOKYO (REUTERS) - Japan's Panasonic Corp is planning to sell its healthcare business for about 100 billion yen (S$1.3 billion) to raise cash as the consumer electronics maker fights to end losses with flat-panel televisions, Kyodo news agency reported on Sunday.

Panasonic is considering selling the profitable healthcare business to Japanese and foreign manufacturers as well as investment fund firms, Kyodo reported quoting industry sources.

The electronics company wants to sell the entire business to one buyer, although it will also consider selling it off in parts, Kyodo said.

Panasonic's healthcare business involves electronic medical chart systems and blood-sugar monitoring devices.

The consumer electronics maker this month sold a central Tokyo building for around 50 billion yen to two Japanese investors.

The sale of the building - the third office in the capital it has offloaded in recent months - is another step by Panasonic towards raising 130 billion yen from asset sales to strengthen its finances.

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