TAIPEI – Following Foxconn’s $3.5 billion purchase of Sharp, the ODM plans to close a number of money-losing businesses and lay off 7,000 employees, according to reports.

Foxconn is expected to complete legal procedures of the acquisition by the end of today, with a new management team taking over as of July.

Foxconn was expected to move quickly to plug the holes at Sharp, which lost $2.46 billion in its fiscal year ended March 2016. Chairman Terry Gou also said he plans to promote the commercial application of Sharp's patents.

Under the purchase agreement signed in April, Foxconn will acquire a 66% stake in Sharp, making it the largest shareholder of the firm.

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