July 2, 2008
NEC Buys Undersea Cable Company
NEC and Sumitomo Electric have jointly acquired Japanese undersea cable company OCC Holdings for an undisclosed sum from Longreach Group.
NEC will hold approximately 75% and Sumitomo Electric will hold approximately 25% of OCC Holdings and its subsidiary OCC Corp, which manufactures submarine cables for telecommunications.
Masamichi Imai, executive general manager of broadband networks at NEC, said: "The need for broadband capacity is rapidly expanding on a global scale. This acquisition represents a strategic advancement for NEC to maintain a dynamic leading presence in undersea industries."