Taiwan-headquartered Hon Hai Precision Industry, which acquired a controlling stake in Japan-based Sharp a year …
The founder of Foxconn, which has a 66 per cent stake in Sharp, said in an open letter to employees that the Japanese electronics maker will need to reduce its workforce, following an annual loss of JPY 162 billion ($1.5 billion), Reuters reported.
Japanese electronics maker Sharp said its new president will be Foxconn vice chairman Tai Jeng-wu, after posting an annual loss of JPY 162 billion ($1.5 billion), partly as a result of slower sales of the iPhone, with Apple being one if its major clients.
Japanese banks Mitsubishi UFJ Financial Group and Mizuho Financial Group are willing to give additional aid to display maker Sharp as part of a takeover by Foxconn, Reuters reported.
A decision on Foxconn’s takeover of Japan’s Sharp is likely to be made in two weeks time, its chairman Terry Gou, said.