TOKYO (Reuters) - Japan’s Sharp Corp may pull its solar panel business out of Europe and the United States and as the cash-strapped company looks for ways to withdraw from money-losing businesses and cut costs, two sources told Reuters.
The proposal to shrink the solar panel business is part of a business contingency plan the maker of Aquos televisions has submitted to banks in a bid to secure loans it needs to stay in business, the sources said on condition they were not identified.
Sharp, which operates a factory in the United States and another in the UK that assemble solar panel modules, is also planning to consolidate production at several sites in Japan into one site, the sources said.
Sharp is expected to win approval from its banks as early as Thursday to secure as much as 210 billion yen ($2.7 billion) in fresh loans, a source at one of its main lenders said earlier this week.
Reporting by Reiji Murai, Taro Fuse; Writing by Tim Kelly; Editing by Chris Gallagher