Optics Valley company YOFC acquires Brazilian cable firm Poliron
Staff members celebrate the acquisition of Poliron by YOFC. [Photo/WeChat account of Optics Valley of China]
Yangtze Optical Fibre and Cable Joint Stock Limited Company (YOFC) announced on June 10 that it has acquired 100 percent equity of Belden Poliron Indústria De Cabos Especiais Ltda (Poliron), a previously wholly-owned subsidiary of Belden Inc in Brazil, according to local media reports.
YOFC is located at East Lake High-tech Development Zone, also known as Optics Valley of China, in Wuhan, the capital city of Central China's Hubei province.
Poliron is a prestigious local brand in Brazil and Latin America and has a history of more than eight decades. Its major facilities are located in Sao Paulo, Brazil, and it is mainly engaged in providing businesses with cables and services used for petrochemical and chemical industries, offshore oil facilities and other industrial and automation systems.
The local management team of Poliron said that Brazil is one of the largest cable markets globally, expecting promising growth.
They said YOFC is a globally leading company in the optical communication industry, boasting profound experience in international markets, a prudent financial status and clear development plans. They believe that Poliron will achieve its development goals in YOFC.
Zhuang Dan, executive director and president of YOFC, said that internationalization is one of the core strategies of YOFC.
In recent years, YOFC has seen fast growth in overseas businesses, achieving overseas revenue of 2.1 billion yuan ($328 million) in 2020, accounting for 25 percent of the group's total revenue. Its products and services are offered in more than 70 countries and regions globally.
The acquisition marked a milestone in YOFC's development in Brazil and will optimize its internationalization layout, according to the director.