Electronics giant Panasonic Corp. is set to sell off its temporary staff service subsidiary, which has a registered workforce of 314,000, according to sources familiar with the deal, reports 4traders.com.

The electronic appliance manufacturer is planning to solicit bids for Panasonic Excel Staff Co. in the autumn and select the final buyer by the end of March 2015, the sources said.

Panasonic is looking to sell the subsidiary for tens of billions of yen.

The move is a part of the Osaka-based group's strategy to concentrate on areas with greater growth potential; such as automobile electronics and housing development.

Panasonic Excel Staff, established in 1989, provides temporary office and engineering workers (known locally as dispatch workers) to Panasonic group companies, as well as other manufacturers. 

According to Staffing Industry Analysts, Panasonic Excel Staff Co is the 10^th largest staffing firm in Japan based on annual revenue. A notable feature of the Japanese staffing market is that quite a few agencies are owned by larger business conglomerates (23 out of the top 60) - and sometimes in combination with each other. Owners of staffing firms include auto and electrical manufacturers, insurance companies, logistics firms, technology/ telecom providers, retailers, engineering companies and banks. In the past few years, there has been a trend for these companies to offload their staffing assets.