Foxconn hopes to invest $1.8 billion in the coming years in Sharp's production of OLED panels. Through the investment, Sharp will switch from LCD to OLED, which is where the display supply industry is headed. The first OLED product from the company could be used by 2020.

Some of the panels may be used on products like the iPhone, which is reportedly switching to OLED soon, but they'll also be used for Sharp's own products. Foxconn will integrate Sharp into its supply division, but Sharp will continue making products for consumers.