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Sharp looks to sell TV assembly plants in Mexico, China, report says

In the event the company sells the plants, it would be able to shed 3,000 employees from its workforce.


Sharp is in desperate need of some cash. And it's trying to find any opportunity to raise some.

The company is considering selling two TV assembly plants in Mexico and China, The Wall Street Journal reported today, citing sources. The company is considering selling the plants to manufacturer Hon Hai Precision Industry -- better known as Foxconn -- or to a joint venture called Sharp Display Products Corp. run by Sharp and Hon Hai Chairman Terry Gou, according to the Journal.

If Sharp sells the facilities, the company would shed 3,000 employees from its workforce, helping it to save much-needed cash.

At the end of the second quarter, Sharp owned nearly $16 billion in debt. And due to sluggish financial performance, the company didn't have enough cash on hand to cover even its short-term obligations. In response, Sharp announced that it would lay off 5,000 employees and work on a restructuring plan. The company also appointed several new executives.

CNET has contacted Sharp for comment. We will update this story when we have more information.