Foxconn's heads pledges turnaround at Sharp after takeover

TOKYO (AP) — The head of Foxconn says the Taiwanese contract manufacturer will turn around struggling Japanese electronics maker Sharp.

The leaders of the two companies met Saturday in Japan to sign agreements for Foxconn to buy a 66 percent share in the 104-year-old Japanese firm.

Foxconn founder Terry Gou said at a news conference that his company will be a catalyst for change at Sharp.

Sharp is a leading maker of flat-screen televisions and consumer appliances. Its business has been hit hard by fierce price competition for LCD panels.

Foxconn is a giant in contract manufacturing. It assembles Apple iPhones and other products for name-brand companies. It is also known as Hon Hai Precision Industry Co.

The deal is the first foreign takeover of a major Japanese electronics company.