Foxconn to close some of Sharp's overseas operations

Foxconn Technology Group plans to close costly and redundant overseas operations of its new acquisition Sharp Corp, and bring to the market products using Sharp's valuable patents and technology as quickly as possible, said the chief of the world's largest electronics manufacturer.

Terry Gou, who founded Hon Hai Precision Industry Co Ltd, the formal name of Foxconn, made the comments on Wednesday at his company's first annual general meeting since announcing the purchase of two-thirds of the money-losing Japanese display maker for $3.5 billion.

Gou said all legal procedures for the acquisition will be completed this month, and that new management will take charge of Sharp on July 1.