Sharp Corp. confirmed that it is planning to set up a flat-panel-display plant in the U.S., Taiwan's Central News Agency reported May 27.

According to Sharp President Tai Cheng-wu, the plant will be producing small and medium-sized screens for various applications, such as catering to smartphone brands as well as aerospace and defense industries, the report said.

Tai added that Sharp and its parent company Foxconn, formally known as Hon Hai Precision Industry Co. Ltd., are likely to invest about ¥800 billion in the U.S. market, without disclosing how much Sharp would allocate for the flat-panel plant, the report said.

He also said that Sharp and its parent company are financially independent and that it will be using its own funds to finance the investment plan.

Meanwhile Foxconn, according to the report, will reveal details of its investment projects in the U.S. once its talks with the U.S. government have been finalized.

As of May 26, US$1 is equivalent to ¥111.23.