Liu Young Way, the Chairman of Hon Hai Precision Manufacturing Company Limited HNHPF, better known as Foxconn, addressed senior and mid-level employees at Japan’s Sharp regarding the relationship between the two companies and the future of Sharp, Reuters reports.
The talks come amidst the drop in net profits of the oldest supplier of Apple Inc. AAPL.
Meeting Details
During the meetings, which were attended by over 100 employees, Liu addressed issues including the companies’ relationship, Sharp’s global positioning, and the future of the Japanese company.
“I hope we will overcome this difficult phase and win back glory by bringing together our wisdom, speeding things up and boosting trust within and outside the company,” Liu mentioned to Sharp employees.
See Also: iPhone Assembler Foxconn Posts 56% Plunge In Q1 Profit, Warns Of More Weakness
Financial Impact
Foxconn, the world’s largest contract electronics maker, reported a 56% drop in first-quarter net profit, due to a T$17.3 billion ($553 million) writedown related to its 34% stake in Sharp. Following Sharp’s first net loss in six years, Liu stated he would work harder on the management of Sharp but did not provide further details.
Read Also: Does Foxconn Own Lordstown Motors Now? – What’s Going On
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