Sharp to Shift TV Production to Mexico

Sharp Corp. said it will eliminate 318 jobs at its Memphis, Tenn., plant by the end of the year as it shifts television production to Mexico. Sharp, based in Osaka, Japan, said it’s ceasing production of televisions at the Sharp Manufacturing Co. plant to lower costs and better compete with rivals who produce most televisions outside the U.S. The plant will continue to produce microwave ovens and copier toner. It has been in operation since 1978, and began television production in 1979. The plant has about 1,000 employees. Positions will be eliminated through voluntary separation incentives, attrition and, if necessary, firings, the company said. Sharp American depositary receipts, each representing 10 ordinary shares, rose $20.50 to close at $167. They’ve lost 42% of their value this year.