Sharp Corp. Reportedly Seek Support of Government-Backed Fund for Spinning Off LCD Unit
On Sunday, sources with the knowledge of the matter said that, Osaka based Sharp Corp. is planning to spin off its business unit of liquid crystal display panels with an investment backed by government funds of about one hundred billion yen. The investment in the new subsidiary is expected to be done by March next year.
According to the sources already struggling Sharp Corp. has sounded out Innovation Network Corporation of Japan, about the likely investment that has been set up with funding from the government as well as private sectors.
An internal team has been created by the electronics company to organize the spin off and it also plans the unveiling of the new medium term management in May, says the sources. Apparently, the main lenders of Sharp have approved the move.
Managed by the Ministry of Economy, Trade and Industry, Innovation Network Corporation, has already earlier invested in Japan Display Inc. that was created in 2012 during a merger that took place between the Sony Corp. Hitachi Ltd. and Toshiba Corp's display units.
With the recently planned move Sharp along with Japan Display will get a better chance to compete with competitor s from China and South Korea who also manufacture LCDs.
New Zealand News
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