Sharp and Foxconn enter into manufacturing partnership

Sharp on Tuesday announced that is has entered into an manufacturing partnership with Foxconn that will see the manufacturing giant take a 10% stake in the Japanese electronics company. Hon Hai has invested nearly 67 billion yen ($809 million) in Sharp in exchange for roughly 121.65 million new shares, which will be spread out between four Foxconn companies. Sharp 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,” pledging to leverage both companies’ strengths to get products to market efficiently. Each company will hold a 46.5% stake in Sharp’s Sakai plant in western Japan, with the remaining 7% owned by Sony.

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