Ailing Sharp may spin off LCD panel business
Print Edition
LOSS-MAKING Japanese electronics maker Sharp Corp may spin off its LCD panel business and seek funding for it from the government-backed Innovation Network Corp of Japan, a source familiar with the plan has said.
The Nikkei business daily earlier said the LCD unit, which supplies displays to smartphone and tablet makers, will be spun off in the current fiscal year and that INCJ could invest 100 billion yen (US$840 million) in the new entity.
The source said Sharp, as part of its restructuring plan, wants to keep a majority in the LCD unit, and that details of an INCJ stake have not been decided.
A Sharp spokesman, while confirming the company was considering various reforms for its LCD business, said no decision had been made.
Sharp, on track for its third annual net loss in four years, has been trying to negotiate its second major bailout since 2012, with the company promising restructuring in return for new funds.
Sources say its main lenders Mizuho Bank and Bank of Tokyo-Mitsubishi UFJ are seeking a radical overhaul and an exit from loss-making businesses. Mizuho Bank is a unit of Mizuho Financial Group Inc, and Bank of Tokyo-Mitsubishi UFJ is part of Mitsubishi UFJ Financial Group Inc.
While promising to come up with restructuring measures by May, Sharp has repeatedly denied it will make moves such as selling its LCD unit.
The unit accounts for one third of sales but has struggled with tough price competition from Chinese makers and domestic rival Japan Display, 35 percent owned by INCJ.
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