Nikkei is reporting that Japanese multinational corporation Sharp that designs and manufactures electronic products has entered into a manufacturing agreement with Foxconn taking a stake of around 10 percent in the Japanese manufacturer. Recently appointed CEO Takashi Okuda said “Until now we have handled all of our R&D and manufacturing, but going forward we will need to include partnerships in our approach.”
Foxconn will also take over up to 50 percent of the LCD production at Sharp’s plant in Sakai, Osaka. The Sakai plant will now be owned 46.5 percent by Sharp, the same amount by Foxconn, and 7 percent by Sony. The investment made by Foxconn is about ¥67 billion ($809.1 million dollars) of capital into Sharp in return for around 121.65 million new shares.