Foxconn to Invest Billions of Yen in Sharp’s Business Solutions Group
On the heels of Foxconn Technology Group’s purchase of a majority interest in Sharp Corporation of Japan, Sharp Corporation has issued a statement regarding its Business Solutions business, which markets copier/MFPs, printers, display products and other business solutions, stating that it’s seeking a “global expansion” of the business, and that Foxconn will invest some 20 billion yen (approximately $178 million U.S.) on expanding its MFP sales distribution, in order to expand and stabilize Sharp’s revenue base in North America and Europe.
About 8 billion yen (approximately $71 million U.S.) will be devoted to investments in software, and dies and molds to develop new products for the solution business, which focuses on robotics and digital-signage displays. Some 12 billion yen (approximately $107 million U.S.) will be spent on investments in renewing facilities for the automation of and reduction in labor force at production lines, to improve productivity in existing plants in both Japan and China.
According to a statement issued by Sharp Imaging and Information, Sharp will remain operationally independent, its shares will continue to be traded on the Tokyo Exchange, and Foxconn will invest more than $350 million in Sharp’s Business Solutions group.
- March 2016: Foxconn Takes Controlling Interest in Sharp in Reduced Buyout
- March 2016: Foxconn Reportedly Lowers Bid for Sharp by Some $900 Million
- February 2016: Foxconn Backs Down at Last Minute from Purchasing Sharp
- February 2016: Loss for Sharp’s Nine Months; Business Solutions’ Sales Steady
- January 2016: Foxconn Reportedly Makes $5.1 Billion Bid for Sharp Corporation
- November 2015: Loss for Sharp’s Second Half, but Business Solutions’ Sales Up 3.8 Percent
- August 2015: Sharp Reports Net Loss of $274 Million; MFP Sales Steady; Will Exit TV Business in Americas
- May 2015: Banks to Provide Sharp with $1.7 Billion Bailout, Layoffs in the Works, Reports Loss for Fiscal Year
- March 2015: Sharp President to Ask for More Funds from Lenders
- February 2015: Sharp Falters with Latest Financial Results, but MFP Business Sees Gains