Panasonic Holdings says it signed a partnership agreement to transfer television sales and related operations in the US and Europe to Chinese home appliance maker Skyworth Group.

The Japanese electronics giant says it will maintain the Panasonic brand under the Skyworth agreement, which comes into effect in April.

The television business was a mainstay of Panasonic for many years, but its global market share has declined. It has already outsourced production of some TVs to Chinese electronics giant TCL.

The moves come as Panasonic restructures its operations. That includes laying off about 10,000 employees and shedding unprofitable businesses.