Foxconn and Sharp Team Up To Build $8.8 Billion LCD Plant In China
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Foxconn was in the news recently for plans to “automate entire factories” in China, but the electronics manufacturing company has also announced plans with Sharp to build a $8.8 billion (61 million yuan) factory in China to produce liquid-crystal displays (LCDs). Reuters reports: Sakai Display Products Corp’s plant will be a so-called Gen-10.5 facility specializing in large-screen LCDs and will be operational by 2019, the company said at a signing event with local officials in Guangzhou on Friday. It said the plant will have capacity equating to 92 billion yuan a year. The heavy investment is aimed at increasing production to meet expected rising demand for large-screen televisions and monitors in Asia. Sakai Display Products Corp’s plans for the Guangzhou plant come as Hon Hai seeks to turn the joint venture into a subsidiary, investing a total of 15.1 billion yuan in the company. The venture will also sell 436,000 shares for 17.1 billion yuan to an investment co-owned by Hon Hai Chairman Terry Gou, giving Hon Hai a 53 percent interest in the business and lowering Sharp’s stake from to 26 percent from 40 percent.
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