Here’s a letter that went out this afternoon to Sharp dealers from Sharp’s (SIICA) president Doug Albregts: Sharp Partners,
Today you may have read the news about Sharp Corporation choosing Hon Hai Precision Industry Co., Ltd. and other related entities (in short, Foxconn) as its preferred partner to take a majority ownership position in the company. More precise detailed information can be reviewed on Sharp Corporation’s website.
We are overwhelmingly pleased with this outcome from SIICA’s perspective as it finally erases any doubt about Sharp’s longterm viability. With revenues of $126.4 billion and a market cap of $39.7 billion, Foxconn provides a significant growth opportunity for all of our dealer partners. It also makes us the largest company in the document imaging space, as our new parent company is listed at #31 on the Fortune Global 500 list. In addition, the approved plan calls for an investment of $450M in the Business Solutions Group worldwide, with much of that investment centered on the operations here in North America. We couldn’t be more pleased with this news! I want to thank all of you for your resilience over the past several years by supporting Sharp though a very difficult period. Through your efforts we were able to grow our revenue and profit for three consecutive years. We look forward to becoming a significant disruptor and dominant player in the document industry for many years to come! We will be communicating new details in the coming weeks as this opportunity unfolds. Best regards,
Doug Albregts President Sharp Imaging and Information Company of America