Panasonic corporation will stop selling consumer smartphones in Japan and has started to look for potential clients that might be interested in buying its cellular base station business.
It will end production at its only smartphone factory by March 2014, according to Nikkei.
Starting with this winter, the company will stop providing new smartphone models, according to the international press.
However, Panasonic will not stop supplying specialized models for corporate users and outsourced models for foreign markets.
Conventional cell phones will continue to be produced and sold as well.
Panasonic has approached potential buyers for its cellular base station business, including Finland’s Nokia.
The company’s decision to close this business sector comes after Panasonic reported in July that its mobile phone sales decreased sharply in the April-June quarter due partly to NTT DoCoMo’s adoption of a new marketing strategy offering bigger discounts for smartphones made by Sony Corp and Samsung Electronics Co.
Panasonic Corporation is a Japanese multinational electronics corporation headquartered in Kadoma, Osaka. It was founded in 1918, and has become one of the largest Japanese electronics producers along with Sony, Toshiba, Sharp Corporation, and Canon. It produces electronic equipment, as well as non-electronic products and services such as home renovation services. Panasonic is the world’s fourth-largest television manufacturer by 2012 market share.