Guo Tai-ming, also known as Terry Gou, founder and chairman of Hon Hai Precision Industry Co, trading as Foxconn Technology Group, said Sunday that he is confident about winning a bid for Japanese electronics maker Sharp Corp, according to media reports.

Guo said at an event in Taipei Sunday that Sharp will make a decision on Foxconn's offer soon, according to domestic news portal sina.com.cn.

The company has raised its bid for Sharp to $5.45 billion, the Wall Street Journal reported Friday.

The company doesn't intend to buy out the Japanese electronics maker's shareholders but will instead inject 389 billion yen ($3.21 billion) into Sharp in exchange for new shares, according to media reports. Separately, Guo said at the event that the company's net profit grew 10 percent because of automation, although Foxconn didn't meet its annual revenue target, sina.com.cn reported.

Foxconn has pursued automation to cut labor costs and improve its manufacturing process in recent years, Chia-Peng Day, general manager of the company's automation technology development committee, told the Global Times in July 2015.

The company is using automation machinery to free workers from simple but repetitive work, according to Day.

The Taiwan-based electronics giant has been developing industrial robots as it targets 30 percent automation at its factories in the Chinese mainland by 2020, the South China Morning Post reported in July 2015.

Global Times