Foxconn acquires Sharp
Foxconn and Sharp have spent months negotiating this deal and now the corporate acquisition of the debt-ridden Japanese company is finally complete. With a history of over a century, Sharp managed to grab the leading place in the mobile phone market in Japan, also being the tenth-largest TV maker in the world by market share (back in 2013). Now, the company is an integral part of Foxconn Group.
The deal was complete last Thursday when Sharp confirmed that "all examinations by the competition authorities of the relevant countries have been completed." Sharp's president and chief executive officer Kozo Takahasi has left his position, being replaced by Foxconn's vice chairman, Tai Jeng-wu. The value of the deal is almost $3.5 billion.
Back in July 2015, Chinese company Hisense purchased Sharp's American TV business for $23.7 million, gaining full rights to use the Sharp name across the US, as well as ownership of the company's TV production facility in Mexico. Last week, Sharp announced its 2016 financial results that show a continued net sales decline, as well as an operating income loss of over $1.6 billion.
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