For Foxconn, Turning Around Sharp Will Be Tougher Than Takeover
- Foxconn, Sharp seal agreement with ceremony at Japan plant
- Foxconn Chairman: “ A harsh environment is a good thing.”
Tai Jeng-wu, vice president of Foxconn Technology Group, left, shakes hands with Billionaire Terry Gou, chairman of Foxconn Technology Group, center, and Kozo Takahashi, president of Sharp Corp., during a news conference in Osaka, Japan, on Saturday, April 2, 2016.
Photographer: Buddhika Weerasinghe/BloombergThis weekend, Foxconn Technology Group’s Terry Gou finally had his moment of victory.
On Saturday, Gou and Sharp Corp. President Kozo Takahashi gathered in front of more than 300 reporters at the Osaka-based company’s Sakai plant, flanked by the flags of Taiwan and Japan. They beamed and shook hands as they finalized a rescue plan for Foxconn and affiliates to take control of Sharp for 389 billion yen ($3.5 billion). It was a rare moment of peace for the hard-charging Gou, who spent four years chasing the Japanese electronics maker and overcame long odds and last-minute pitfalls to win.