Samsung invests $112 million in Japan's Sharp
SEOUL, South Korea (AP) — Samsung Electronics Co. is investing 10.4 billion yen ($111.5 million) in Sharp Corp. to secure a supply of large-size LCD panels.
Samsung announced the deal Wednesday. The agreement gives Samsung a 3 percent stake in Osaka-based Sharp and a supply of large-size LCD panels for televisions.
The alliance is expected to help the troubled Japanese company that has been seeking to raise capital as part of its turnaround plan.
Sharp announced in December a 9.9 billion yen investment from Qualcomm Inc. to jointly develop future display technology. It has been in talks with Taiwan-based Hon Hai Precision Industry Co. to raise capital.
The deal is the latest investment in Japanese firms by Samsung. In January, it acquired a 5-percent stake in Wacom Co., a Japanese firm with digital pen technology.