© kheng guan toh dreamstime.com Electronics Production | June 23, 2016
Foxconn to restructure Sharp operations
Foxconn plans to close costly and redundant overseas operations. At the same time it will utilise Sharp's patents and technology to reduce time-to-market for its products.
Terry Gou announced that the Sharp acquisition will be completed by the end of this month and that new management will take the reins bei July 1, 2016. "We will start overseas. Those improper, high-cost joint ventures overseas, we will close them to reduce a lot of the operational cost, which will lead to lower (product) sales prices", Gou is cited in a Reuters article in saying. The Foxconn founder has already stated that layoffs were inevitable, but would be carried out "responsibly and sensitively." Media reports suggest that it could affect around 3'000 staff in Japan alone.