Foxconn Commits to Building Wisconsin Factory
Foxconn today said it will build a manufacturing facility in Wisconsin, where it will make LCD panels and employ up to 3,000 people. The company previously announced it might invest up to $10 billion in the U.S. Today's news, shared by the White House, demonstrates Foxconn was serious about the investment. The facility will be approximately 20,000 square feet and may eventually employ up to 13,000. Foxconn, based in Taiwan, is chiefly known for manufacturing iPhones for Apple, though it has other consumer electronics customers. Foxconn said Sharp will be first to use the LCD panels made in Wisconsin for its television sets. Foxconn is weighing similar investments in Illinois, Indiana, and Michigan.
Sharp Accepts Lowered Takeover Bid from Foxconn
Foxconn has agreed to acquire a 66% stake in Sharp for $3.5 billion, said the companies today. The sale price is considerably less than the $5 billion Foxconn offered earlier in the month.
Sharp Leaning Toward Foxconn's $5.5B Bid
Sharp is favoring an acquisition offer from Foxconn over a potential rescue from Japanese investors. Sharp has lost market share in the consumer electronics business over the last few years while prices for its display panels have sunk.
Foxconn Makes a Play for Sharp
Foxconn has offered to buy Sharp for $5.3 billion, reports the Wall Street Journal. Foxconn's offer arrives just as Sharp is weighing a buyout offer from Innovation Network Corporation of Japan.
Sharp and Foxconn to Settle Takeover Soon
Foxconn expects to seal a takeover deal with Sharp by the end of February. Executives from both companies met on Thursday and agreed on a number of items, but didn't sign any final agreements.
Sharp-Foxconn Deal Imperiled by Hidden Liabilities
Foxconn was on the verge of buying troubled Sharp when the deal met a roadblock at the last minute. Sharp disclosed more than $3.1 billion in liabilities (debt, tax claims, and intellectual property damages) that threw the negotiations into disarray, according to sources cited by the Wall Street Journal.