Samsung invests $112 million in Japan's Sharp

Samsung invests $112 million in Japan's Sharp

Credit: AFP/Getty Images

People visit a Samsung stand in Barcelona on February 26, 2013, on the second day of the 2013 Mobile World Congress. The 2013 Mobile World Congress, the world's biggest mobile fair, is held from February 25 to 28 in Barcelona. US credit card giant Visa announced on February 25 a global alliance with Samsung to let shoppers make payments by waving their smartphones near a special reader. AFP PHOTO / JOSEP LAGO (Photo credit should read JOSEP LAGO/AFP/Getty Images)

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KMOV.com

Posted on March 6, 2013 at 10:36 AM

Updated Wednesday, Mar 6 at 10:40 AM

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.
 

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