A Zhejiang company swallow down the IRISH big POF company
Broadcaster: Ireland accepted the 85 Billion Euro bailout in recent days, and this bailout may help Ireland pass through the crisis, but also provides acquisition opportunities for Chinese Enterprises. A ZheJiang Company just spent tens of million Euro on the overall acquisition of the World’s leading optical transceiver Company – Firecomms - which is located in Ireland. This also became the breaking news in Worldwide Plastic Optical Fiber business.
Reporter: This news is really a big surprise to many domestic POF enterprises, it indicates China has become the first country which owns the entire POF industry chain. POF system can be used for data distribution in mechanical and electrical noise environments. Advanced countries had also successfully adopted POF into automotive, industrial control, medical device and distance sensing applications. Meanwhile, U.S., British and French Telecom operators had started their high-speed home network deployment after its own testing and field trials. The European Telecommunications Standards Institute has published POF system specifications in January 2010, and the Optical transceiver is the core component in this industry chain. China has become the biggest market for Firecomms in recent years, spending huge amount of money on purchasing their products.
Mr. Zheng: “Nothing else was missing in our product development, except the transceiver component. We have now acquired 100% of the shares during this all cash deal, and the team in Ireland had became a part of our team”
Irish media made comments on this acquisition such as: “it is the first time a Chinese firm has acquired an Irish technology company”; “The sale price has not been revealed but it is understood to be in the order of tens of millions of euro”; ”And ON A DARK day for the Irish economy, the sale of Cork- based Firecomms to the Chinese firm ZJF Group provided a ray of hope. Batt O’Keeffe TD, Ireland’s Minister for Enterprise, Trade and Innovation, gave his congratulation on this successful deal while visiting Firecomms headquarter, and stated that Irish Government will fully support the development of the Chinese firm in Ireland.