NEC, Sumitomo Electric acquire submarine cable manufacturer

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NEC Corporation and Sumitomo Electric Industries on Tuesday 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.