Furukawa Electric Changes Name of Brazilian Site to Focus on Solutions Business
- Company name changed to FEL to improve brand value -
Furukawa Electric Co., Ltd. has decided to change the name of Furukawa Industrial S.A. Produtos Electricos (Parana, Brazil; President: Foad Shaikhzadeh; "FISA" below), its telecommunications business site in Central and South America, to Furukawa Electric LatAm S.A. in April of this year.
FISA was established by Furukawa Electric in 1974 with the purchase of an aluminum electric wire plant in Brazil under the Kaiser (US) umbrella. The plant was purchased together with Mitsui & Co., Ltd. (investment at the time of purchase: Furukawa Electric: 51%, Mitsui & Co.: 49%).
In 1977, a communications cable plant was established in Parana, Brazil, and then in 2007 Furukawa Electric purchased the shares owned by Mitsui & Co. and converted the site into a subsidiary 100% owned by Furukawa Electric.
FISA now has manufacturing sites in Argentina, Colombia, and Mexico, and continues to expand its activity throughout Central and South America.
Furukawa Electric has decided to change the name of FISA to Furukawa Electric LatAm S.A. (FEL) on April 1st of this year, with the goal of spreading awareness of the Furukawa Group—already well-known as a telecommunications business company throughout Brazil —throughout all regions of Central and South America, and of improving brand value toward expanding its business in fields other than telecommunications.
Shunichi Nakamura, General Manager of the Communications Solutions Division, had the following to say about the company name change. "Our sites in Central and South America are now focused on solutions to supply communication cables, optical fiber cables, LAN cables, and related parts and devices to meet the needs of our customers. Improving the brand value of the Furukawa Group is crucial in promoting our businesses. We see this name change as an opportunity to further strengthen the global development of our telecommunications business, help to expand and improve telecommunications infrastructures throughout the world, and contribute toward expanding the business of the Furukawa Group."
About Furukawa Electric Group
Furukawa Electric (TSE; 5801, ISIN; JP3827200001) Group started business in 1884, when its copper-smelting facility and wire manufacturing factory was established. Since then Furukawa Electric has become pioneers in the latest technologies by addressing diverse technological issues. Furukawa Electric has released products in a number of areas, including telecommunications, electronics, automobiles, and construction, with the three types of materials it works with at their core, namely, optics, plastics, and metals. Many of these products have attained the top global market share, and all of its products have contributed to society in numerous business areas. Furukawa Electric reported consolidated revenues of JPY 874.9 billion (approximately USD 8.0B) for the fiscal year ended March 31, 2016.