Nexans takes a controlling share in the Korean company Daesung Cable thereby strengthening its position in Asia

Paris, March 7, 2001 - Nexans has just acquired 51% of the share capital of Daesung Cable, a company quoted on the KSE (Korean Stock Exchange). With a consolidated turnover of 135 million USD in 2000, 30% of which represents exports, Daesung Cable is the fourth-largest cable manufacturer in South Korea.

The company has its registered office in Choung Won (130 km south of Seoul), 5 production sites (2 in Korea, 2 in Vietnam, 1 in Tanzania), plus a minority share in a joint venture in China. It manufactures a large variety of power cables, copper and optical fibre telecommunications cables, and special cables notably for the automotive industry. Daesung Cable employs 550 people, 275 of whom are in Korea.

By taking over Daesung Cable, Nexans has expanded its development strategy in the Asian market and has therefore doubled its presence in both Asian power and telecom cable markets. This agreement also gives Nexans the possibility of making substantial savings in transport costs and improving its competitiveness in the region just when the Asian economy is picking up again.

The complementary facets of both companies' product lines and sales networks was a determining factor in Daesung Cable's decision to choose Nexans as its partner. Daesung Cable was seeking to conclude a strategic alliance to both develop its activities, especially in the export market, and enhance its technological developments.