Japan Display to sell screen plant to Sharp for $390 mln, repay debt to Apple

TOKYO: Japan Display said on Friday it has agreed to sell a smartphone screen plant in central Japan to Sharp Corp for $390 million, raising funds to repay debt it owes Apple Inc for the plant construction costs.

The company said in a statement it will also sell screen plant equipment at the liquid crystal display (LCD) factory to “an overseas customer” for $285 million, or $85 million more than the amount announced in March. Sources said the customer is Apple.

Japan Display owes Apple $702.5 million for the $1.5 billion cost of building the plant five years ago, and the Japanese supplier said the $675 million raised from the plant and equipment sale would be used for repayment