Sharp announced on March 27, 2012 that the company has entered into a partnership with Foxconn, according to a report by Japan Today. As per the deal, Sharp will issue and sell approximately 121 million new shares to Foxconn valuing at around US$808 million. Sharp and Foxconn will each hold 46.5% of stake in Sharp's Sakai LCD (Liquid Crystal Display) plant located in western Japan, and Foxconn will procure 50% of the panels produced at the plant. The remaining 7% stake of the Sakai plant is owned by Sony. Sharp said that the capital injection provided by Foxconn will be used to invest in new LCD technology, and the two companies will jointly develop various devices, such as Smartphones.