Foxconn CEO Terry Gou

According to a new report from Focus Taiwan, Hon Hai Precision Industry Co. Ltd alias Foxconn Technology Co., Ltd. (TPE:2354), the maker of Apple Inc. (NASDAQ:AAPL) products confirmed a joint venture agreement with Japan’s Sharp Corporation (TYO:6753), in a deal tailored to drive the company above Samsung Electronics Co. Ltd (LON:BC94) within the next five years.

Hon Hai Chief believes that the new partnership will balloon the company’s competitive edge in the cut-throat display panel business as noted in Focus Taiwan. The company recently acquired Taiwanese flat-panel maker Chimei Innolux Corp. In March, Foxconn announced 10% purchase of Japanese company Sharp worth $800 million, making it the largest shareholder.

The current deal also saw the CEO, Terry Gou, agree to purchase a 46.5% stake in Sharp’s Sakai-based 10th-generation LCD panel plant, in his own name, for an additional sum of $800 million. According to Gou, this plant is the only in the world with the capability to produce 60-inch to 80-inch panels.

Mr. Gou, is working on a life time dream, to defeat Samsung, which he says, “is a company with a track record of snitching on its competitors”. This was in reference to the Electronics  giant manufacturer’s actions in 2010, of snitching on 4 Taiwanese companies in an investigation by the European Commission on price-fixing in the flat panel industry, Focus Taiwan notes.

The CEO is also quoted saying, “the new model will put Samsung’s Galaxy III to shame,” in reference to the new iPhone 5, which was rumored to be launched during the WWDC earlier this month. In another report, Samsung S III, is set to roll out in the US market on Thursday, June 21st, 2012, and the recommendation is that buyers should not rush  to acquire one, at least according to Foxconn chief, notes Los Angeles Times.