January 19, 2005
DRAKA FINLAND TO PURCHASE MAJORITY IN RUSSIAN COMPANY NEVA CABLES
Draka Finland has signed an agreement with Northwest Telecom, the Russian party of the joint venture company Neva Cables, to develop Neva Cables and to double its copper telecom cable production capacity. It also was agreed that Draka Finland will increase its share of ownership to 75 %.
Neva Cables has been an associated company of Draka Finland already more than 10 years. To Draka Finland the Russian cable market is very important, and growing in importance. With this agreement their position on the Russian market will grow stronger.
Neva Cables is the fourth largest access network copper telecom cable manufacturer in Russia. For the companys future it is important that the owners have clearly committed to develop the company, which also will help Neva Cables to strengthen their position on the market. The additional capacity is estimated to be operational within a year.
For more information, please contact:
Draka Finland, Country Manager Timo Piekkari
tel. +358 10 566 3440 or +358 40 865 3593
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