Struggling electronics maker Sharp Corp. is pulling out of the European market for liquid crystal display televisions and home appliances, a source familiar with the matter said Thursday.
Sharp earlier shuttered it solar business in Europe, and is moving to focus on growing markets like Asia as part of its restructuring steps.
After exiting Europe, the company will license Taiwan and Turkish companies to produce and sell its products there, and get license fees in a business model similar to one used for its U.S. TV business, the source said.
LCD television maker TPV Technology of Taiwan, partly owned by the Japanese trading house Mitsui & Co., is expected to take over Sharp's LCD TV operations, while Turkish home appliance seller Vestel will handle other home appliances, according to the source.
The closure of Sharp's own operations in Europe will result in the loss of several hundred jobs there.