Sharp on Thursday said that the company plans to jointly develop household appliances including TVs with its new partner its new partner Hon Hai Precision Industry Co. by the end of the year. "The TVs will probably be (ready) fastest. We're also thinking of producing the jointly developed products at Hon Hai's factories," said Yoshisuke Hasegawa, an executive managing officer, Kyodo News reports.

The development plan kicks off efforts to reconstruct Osaka-based Sharp, which clinched the deal with Hon Hai on April 2.

Hon Hai, also known by its trade name Foxconn, has agreed to pay 388.8 billion yen (about $3.5 billion) for a 66 percent stake in Sharp.