Panasonic has signed a deal to sell its semiconductor business to Nuvoton Technology Corp for $250 million. The move comes from Panasonic as it aims to cut fixed costs by 100 billion yen ($920 million) by the year ending in March 2022.

Nuvoton is a Taiwanese chipmaker that supplies silicon for Dell Technologies Inc. and other major tech firms.

Read More: Panasonic to Sell Its Chip Unit to Nuvoton for $250 Million