REUTERS - Struggling Japanese TV-maker Sharp Corp(6753.T) is in the final stages of talks with Lenovo Group Ltd(0992.HK) to form a television operations partnership in China the Nikkei reported.
Sharp plans to sell its subsidiary operating a LCD TV assembly plant in Nanjing to the Chinese PC maker this year and convert its other Chinese subsidiaries into 50 percent joint ventures, the Japanese daily said.
The two companies plan to enter markets other than China, including southeast Asia and South America, Nikkei reported.
Sharp, which has been losing money for years, signed a 360 billion yen syndicated lending agreement last September with Mizuho Corporate Bank and Bank of Tokyo-Mitsubishi UFJ, the business daily said.
The company is expected to report a consolidated net loss of 450 billion yen for the year ending March 31, Nikkei added.
Sharp is also in talks to sell its Malaysian factory to Taiwanese electronics manufacturing service Wistron Corp (3231.TW), the Nikkei said. (Reporting By Maria Ajit Thomas in Bangalore; Editing by Joyjeet Das)
Trending On Reuters
The Obama administration on Tuesday sided against Google Inc and said the U.S. Supreme Court should not hear the company's appeal in a case against Oracle Corp with wide implications for the technology industry, according to a court filing. Full Article
Japan nuclear regulator finishes review on Kyushu reactors, could be first to restart. Full Article
Factbox - China's leaders sign $80 bln of deals with India, Brazil and others. Full Article
Obama administration asks U.S. top court to decline Google copyright appeal. Full Article
Iraq Shi'ite militia take lead in campaign to reverse Islamic State gains Full Article