Finance

Foxconn working towards cutting planned investment into Sharp: sources

Workers stand at the gate of a Foxconn factory in the township of Longhua in Shenzhen, Guangdong province in this May 26, 2010 file photo. REUTERS/Stringer/FilesThomson ReutersFile photo of workers standing at the gate of a Foxconn factory in the township of Longhua in Shenzhen

TOKYO (Reuters) – Taiwan’s Foxconn is working towards reducing its planned investment into loss-making Japanese electronics firm Sharp Corp by around 100 billion yen ($893 million) from an initial plan of 489 billion yen, two sources familiar with the matter said on Tuesday.

Foxconn, formally known as Hon Hai Precision Industry Co, is seeking to cut the offer to factor in future losses and a likely deterioration in Sharp’s earnings in the financial year to March 31, the sources said.

Foxconn could not be immediately reached for comment.

(Reporting by Taro Fuse; Writing by Makiko Yamazaki; Editing by Muralikumar Anantharaman)

Read the original article on Reuters. Copyright 2016. Follow Reuters on Twitter.

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