TOKYO -- Panasonic's cost-cutting will next hit its chip assembly unit as the company has a deal in place to sell three plants to United Test and Assembly Center, Reuters reported today. Panasonic is declining comment on the report, which claims a deal will be completed by early February.

No price has been agreed upon for the three plants, which are located in Indonesia, Malaysia and Singapore.

Panasonic also maintains chip assembly plants in Shanghai and Suzhou.

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