TOKYO, May 13 (Xinhua) -- Japan's Panasonic Corp. plans to team up with Chinese photovoltaic module manufacturer GS-Solar (China) Co. in expanding solar panel business, local media reported Monday.
"GS-Solar has achieved a high level of technological results and synergy is expected," Panasonic spokesman Joe Flynn said.
The partnership will allow Panasonic to "optimize the development and production capability of its photovoltaic business while continuing to procure and sell photovoltaic modules produced at the Malaysian factory," the company said in a statement.
Panasonic said that it will transfer its solar manufacturing subsidiary Panasonic Energy Malaysia Sdn. Bhd. to GS-Solar which is based in Quanzhou of southeast China's Fujian Province.
The company will also set up a joint venture with GS-Solar in Japan by spinning off its photovoltaic research and development unit.
"Panasonic and the new company will provide technical support for its factories in Japan and the United States," Flynn said.
According to Panasonic's statement, the new research and development venture will be owned 90 percent by GS-Solar and 10 percent by Panasonic.
It is scheduled to be located in the Osaka Prefecture, but details including its name, establishment date and investment amount have not been decided.