TOKYO, July 24 Sharp Corp said on
Thursday it would pull out of solar cell production in Europe,
handing its share of joint venture 3Sun to partner Enel Green
Power SpA, a subsidiary of Italian utility Enel SpA.
The Japanese electronics company said it would sell its 33.3
percent stake for a token 1 euro ($1.35) as soon as it receives
approval from 3Sun's lenders, while STMicroelectronics
will also sell its third stake to Enel Green Power, making 3Sun
a wholly-owned subsidiary of the Italian firm.
Sharp's move goes further than what it said on July 11, when
it said it would hand over its share of a solar generation
venture to Enel Green Power but would keep hold of solar cell
The Japanese company is cutting costs and exiting
unprofitable businesses as it recovers from heavy losses. It
said it will continue to provide technological assistance to
Enel, and will be left with just one solar cell production
facility at a factory in Sakai, west Japan.
($1 = 101.5300 Japanese Yen)
($1 = 0.7423 Euros)
(Reporting by Sophie Knight; Editing by David Holmes)