• The Apple iPhone assembler is set to take over Japan's Sharp
  • Foxconn's main unit will add Sharp to manufacturing empire

Hon Hai Precision Industry Co.’s profit beat expectations after the main assembler of Apple Inc. devices weathered an industry slump by diversifying beyond smartphones and upgrading production.

The largest member of billionaire Terry Gou’s Foxconn Technology Group reported net income of NT$146.9 billion ($4.6 billion) in 2015, compared with the NT$144.4 billion average of analyst estimates. 

Hon Hai and other Foxconn affiliates on Wednesday announced a deal to take control of Sharp Corp. for about $3.5 billion, adding the Japanese supplier of displays to Apple and other smartphone makers to Gou’s corporate empire.

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