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Thursday, January 17, 2013
Sharp To Sell TV Plant to Lenovo

Sharp is reportedly in talks with Lenovo Group to sell its Chinese TV assembly plant to the Chinese company, as the Japanese TV is seeking to to improve its finances.

Sharp will sell its LCD TV assembly plant in Nanking, two industry sources familiar with the discussion told Reuters.The talks were first reported in the Nikkei business daily in Japan.

Sharp said in a statement to the Tokyo Stock Exchange that it had not announced any talks.

Sharp doubled its full-year net loss to $5.6 billion in November.

In December Qualcomm agreed to invest $120 million in Sharp, giving it a boost in its effort to remain viable. According to the agreement, Qualcomm, through its Pixtronix subsidiary, will work with Sharp to develop new IGZO power-saving screens.

Sharp had been in talks to sell its Chinese TV plant to Taiwan's Hon Hai Precision industry along with an assembly plant in Mexico.

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