Taiwan’s Foxconn said on Wednesday it will not sell Sharp Corp’s (6753.T) solar power business, amid concerns from business partners over a possible closure of the struggling division.
“We want to let you know that we are totally committed to this business,” Foxconn founder Terry Gou and Tai Jeng-wu, its vice chairman and the newly-appointed CEO at Sharp, said in a letter addressed to Sharp’s solar power business partners.
Foxconn, also known by its formal name Hon Hai Precision Industry Co (2317.TW), is the world’s largest contract electronics manufacturer. It plans to seal a $3.5 billion deal by the end of June to give it a two-thirds stake in Sharp.
(Reporting by Makiko Yamazaki; Editing by Muralikumar Anantharaman)