Foxconn Technology Group Chairman Terry Gou has announced his plans to lay off staff at Sharp Corporation in an open letter published on Thursday.
Foxconn, Taiwan’s leading manufacturer of consumer electronics, acquired 66% of Sharp’s stock for US$3.5 billion in early April and assumed management control.
Sharp has registered a deficit of US$2.35 billion for the current fiscal year, up from US$2.22 billion from the previous year. Gou published a public letter to all employees following the release of the latest annual report. Gou said he has to streamline the company’s staff to increase productivity.
Guo has not specified how many layoffs there will be.