TAIPEI, Taiwan － After four years of negotiations, Foxconn announced today that two side had verbally agreed to form the acquisition of Sharp, will sign a formal purchase agreement at February 29 this year.
Foxconn chairman Terry Guo today visited with Sharp and had a long meeting for nearly six hours. Then, Terry Guo went out with a smile and personally announced the big result.
Gou said that Foxconn is willing to invest the huge money(about 700 billion yen) on behalf of Foxconn’s confident which the company is fully capable to help sharp to rebuild its business.
He also stressed that Foxconn will not sell out any business of Sharp, will protect the interests of the employees of Sharp. Under these premises, to comply the reconstruction of Sharp.
Looking back on the past four years, the negotiations between Foxconn and Sharp did not go smoothly. Being told that Samsung and INCJ might win this competition. But Gou has been reluctant to give up, continue to visit the bankers, Japanese officials, and Sharp’s headquarters in Japan, shows his strong ambition.
The main reason of Foxconn to keep pursuing Sharp is that Sharp has very good LTPS (Low Temperature Poly Silicon) technology which is Foxconn desire to have. By acquiring this technology will enhance the competitiveness of the whole enterprise of Foxconn.
Today, Sharp and Foxconn have finally reached the acquisition aggrement which is going to lift Foxconn’s capacities to another level in the various markets. The company not only is expected to continue to obtain Apple's orders, but also to increase the technology gap with competitors.
As Sharp, in addition to immediately obtain operating funds, but also get a window into China market, its future operations will have absolutely positive.
