Foxconn says won't sell Sharp's solar power business

Reuters News
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Posted: May 25, 2016 1:45 AM

TOKYO (Reuters) - 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)