“Japan’s Sharp Corp will supply technological know-how to Taiwan’s Hon Hai Precision Industry Co for a plant in China that will produce panels for Apple Inc’s iPhone and other consumer electronics products, the Nikkei business daily said on Thursday,” Tim Kelly and Mayumi Negishi report for Reuters.
“Shares of Sharp, which is trying to turn around its fortunes after sinking to a record net loss of 376 billion yen ($4.75 billion) in the just-ended financial year, surged 7 percent after the report,” Kelly and Negishi report. “An agreement to share its technology would further tie Sharp to the Taiwanese company, which in March agreed to buy a 46.48 percent stake in Sharp’s liquid crystal manufacturing plant in Sakai, western Japan, the nation’s most advanced panel factory.”
Kelly and Negishi report, “Also on Thursday, Sharp said that Sharp Display Products, the subsidiary that operates the Sakai plant, would buy back a 7.04 percent stake owned by Sony Corp, liquidating a partnership between the two TV makers. Sony had said following the Sharp-Hon Hai agreement in March that it could ask Sharp to buy back its stake.”
Read more in the full article here.
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