$2.5bn rescue plan would involve Solar Frontier

posted on January 31, 2016

A public-private fund is mulling a plan to integrate Sharp's photovoltaic business and a solar subsidiary of Showa Shell Sekiyu as part of its efforts to rescue the embattled Japanese electronics maker, sources told The Nikkei.

The fund, the Innovation Network Corp. of Japan, plans to inject capital into Sharp in a broader attempt to consolidate the country's electronics sector and help revive the once-mighty liquid crystal display maker.

The innovation network on Saturday presented a rescue plan that includes a capital injection of 300 billion yen ($2.49 billion). Sharp executives held a meeting on the same day at the company's head office in Osaka to discuss the plan.

Sharp is widely expected to accept the proposal.

For years, the company's solar and LCD businesses have been suffering from deteriorating profitability.

Even though Sharp is the solar panel market leader in Japan, the company's solar business reported an operating loss of 62.6 billion yen in the year through last March. Falling solar panel prices, valuation losses on inventories of raw materials and other factors have cut into Sharp's earnings over the years.

source by nikkei
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