Japanese consumer electronics giant Panasonic Corp. will shut down its plasma television assembly plant on Shanghai as part of the company's efforts to streamline its flagging television business, according to media reports on Friday.
Panasonic's majority-owned joint venture with a Chinese company for the purpose of running the factory will be liquidated. The Shanghai plant has reportedly stopped operations.
According to the media reports, the operations at the Shanghai plant will be transferred to another factory in China's Shandong province, where it currently produces LCD television sets.
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