Media: Japan Display Plans to Sell Its Main Plant Apple and Sharp
The approximate amount of the transaction may be $ 800 million. The parties are determined to come to a final agreement in March next year. The enterprise itself has not been working since July due to falling orders from Apple. The factory in Ishikawa, which produced display components for smartphones, was opened in 2016. Its construction was financed primarily from Apple.
Japan Display's business this year was in jeopardy due to the refusal of the Chinese investment company Harvest Tech Investment Management to provide financing to lead the company out of the crisis.
Harvest Tech Investment Management, together with Hong Kong's Oasis Management, were supposed to invest about 80 million yen ($ 742 million) in Japan Display. However, after the Chinese company withdraws from the agreement, the amount will be reduced to $ 150 or $ 180 million. The Japanese corporation intends to continue to negotiate with the Chinese side, as well as to seek new sponsors to continue its business. Japan Display was created in 2012 after the merger of the display divisions of Sony, Hitachi and Toshiba.