Foxconn and Sharp consolidate their partnership

Times are tough, and the heavyweights of the tech industry are closing ranks. Foxconn President Liu Young-way recently spoke with senior executives from Sharp in order to boost the morale of the troops but also to strengthen the partnership between the two companies. Unsurprisingly, this partnership has a financial component: Foxconn recently bought out 34% of Sharp’s shares, a heavy investment that resulted in a drop in Foxconn’s net profits of 56% in the last quarter.

“I hope we overcome this difficult phase and find glory again by gathering our wisdom, speeding things up and building trust inside and outside the company,” Liu told Sharp employees. Still fragile, will Sharp be able to bounce back definitively with the support of Foxconn? In any case, Apple’s largest supplier seems to believe that the Japanese firm is a key element, to the point of wanting to strengthen the “synergy” between the two companies. Foxconn’s objective would be to bring Sharp into the supply chain of Apple for the production of OLED screens, but the Californian does not seem convinced yet…