24 February 2016 /19:16 UTC-07 Tango 01 (06 Esfand 1394/16 Jumada al-Ula 1437/18 Geng Yin 4714)
Executives with one of Japan’s iconic electronics maker, Sharp, have decided to sell out to a Republic of China (Taiwan) company.
The nearly $6-billion USD sale puts a ‘major’ Japanese electronics maker under foreign ownership for the first time in Japan’s history. Hon Hai Precision Industry, aka Foxconn, outbid Republic of Korea’s Samsung. Sharp executives even rejected the offer from the Innovation Network Corporation of Japan.
Sharp has been dealing with crashing revenues for the past few years. Analysts have criticized the offer by Foxconn as being absurdly high as there are other Japanese electronics makers who are financially secure, yet are considered worth less than unstable Sharp.
Foxconn is a major supplier to Apple, and in 2014 signed a joint venture deal with Hewlett Packard.
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Sharp’s economic woes began with the 2011 quake-tsunami and Fukushima nuclear disasters: Sharp has announced that production of their Liquid Crystal Display TVs will be halted