May 25, 2016 / 5:50 AM / 2 years ago

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

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.

The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company's headquarters in New Taipei City, Taiwan March 29, 2016. REUTERS/Tyrone Siu

“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

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