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July 1, 2008
Tokyo, July 1, 2008 - NEC Corporation and Sumitomo Electric Industries, Ltd. today announced the acquisition of OCC Holdings and its subsidiary OCC Corporation, which manufactures fiber optic submarine cables of exceptional quality and reliability.
NEC and Sumitomo Electric will acquire 100% ownership of OCC Holdings, the parent company of OCC Corporation, from investment fund managed by the Longreach Group. NEC will hold approximately 75% and Sumitomo Electric will hold approximately 25% of OCC Holdings. The acquisition is scheduled to be completed in July 2008.
"The need for broadband capacity is rapidly expanding on a global scale. In order to accommodate the growing worldwide demand, a broad range of new submarine cable systems are being planned and built. This acquisition represents a strategic advancement for NEC, one of the leading suppliers of submarine cable systems, and Sumitomo Electric, a leading supplier of optical products, that secures stable access to a rich source of high quality; highly reliable optical submarine cables. NEC is pleased to announce the acquisition of OCC, which assures the company of maintaining a dynamic leading presence in undersea industries, and promises to solidify each company's market position," said Mr. Masamichi Imai, Executive General Manager of Broadband Networks Operations Unit of NEC Corporation.
"With the acquisition of OCC today by NEC and Sumitomo Electric, we aim to firmly establish our presence in the market of optical components and materials for the submarine fiber-optic network construction industry that is forecast to grow," said Dr. Shigeru Tanaka, Managing Director of Sumitomo Electric Industries, Ltd.
NEC Corporation (TSE: 6701) is one of the world's leading providers of Internet, broadband network and enterprise business solutions dedicated to meeting the specialized needs of a diversified global base of customers.
NEC delivers tailored solutions in the key fields of computer, networking and electron devices, by integrating its technical strengths in IT and Networks, and by providing advanced semiconductor solutions through NEC Electronics Corporation. The NEC Group employs more than 150,000 people worldwide. For additional information, please visit the NEC website at: http://www.nec.com
Sumitomo Electric Industries, Ltd. (TSE: 5802) designs, manufactures, and sells electric cables, optical fibers and components, advanced electronic devices, automotive parts, cemented carbide tools and special steel wires-products that play an essential part in supporting the economic infrastructure. Thanks to the success of our research and development strategy, as well as our business strategy, Sumitomo Electric has become one of the world's leading companies in these product fields and is at the forefront of the information-communication technology revolution.
The Sumitomo Electric Group employs more than 150,000 people worldwide. For additional information, please visit the Sumitomo Electric website at:http://www.sei.co.jp/
Established in 1935, OCC Corporation distinguished itself as the first Japanese company to manufacture submarine cable for telecommunications. Focused initially on manufacturing high quality coaxial undersea cables, OCC has become a world leader in the manufacture of state of the art optical fiber undersea cables. With an unsurpassed reputation for designing and manufacturing superior undersea fiber optic cables, OCC is uniquely poised to take advantage of the continuing growth in this important industry. OCC has supplied over 140,000 kilometers of submarine cable to date.
