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ECI Telecom Ltd - Company Report
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Company Reports are concise reports that provide a review of the company's activities, corporate strategy and recent developments.
ECI Telecom provides network, routing, and access solutions for optical and digital telecommunications networks. The company designs, develops, manufactures, markets, and supports telecommunications solutions for evolving services, including voice, data, video, and multimedia, and for building next-generation converged networks. ECI markets its products worldwide to over 300 wireline and wireless service provider customers. From 2006, the company has also begun to address three additional market segments: utility companies that lease use of their networks; cable or multi-service operators (MSO); and, government and military agencies. The company until the end of December 2006 operated primarily through three divisions: the Broadband Access Division, the Optical Networks Division and the Data Networking Division. In January 2007, the Data Networking Division was merged with the Optical Networks Division, to be known as the Transport Networking Division. As of this date, the Transport Networking Division had over 200 customers worldwide, the majority of whom were in emerging markets such as south and southeast Asia and the former Soviet Union. The Broadband Access Division’s customers are primarily wireline service providers. In 2006, 90% of the division’s revenues were from Europe, and two major customers, Deutsche Telekom and France Telecom accounted for 74% of the division’s revenues, or respectively 12% and 13% of the revenues of the entire company. ECI's other operations include the NGTS unit, which supplies certain systems and components, primarily based upon DCME (Digital Circuit Multiplication Equipment) technology. In addition, the company has interests in a number of other companies. In particular, ECI has a significant holding in Veraz Networks, which operates in the area of next-generation telephony solutions, and VoIP equipment. As of April 2007, an Initial Public Offering (IPO) of Veraz stock reduced ECI’s holding in the company to 27.6%. ECI Telecom is a public company whose shares are traded in the US and listed on the Nasdaq Stock Market. As of March 5, 2007, shareholders known to be the beneficial owner of more than 5% of ECI Telecom shares were: IDB Holding Corporation and its subsidiaries (40.6%); Ofer (Ships Holding) Ltd (5.9%); and Manning & Napier Advisors Inc (5.7%). The subsidiaries that make up the 40.6% holding held by IDB Holding are: M.A.G.M. Chemistry Holdings Ltd (a wholly-owned subsidiary of Koor Industries Ltd) (27.6%); Clal Electronics Industries Ltd (a wholly-owned subsidiary of Clal Industries & Investments Ltd) (12.7%); and, other entities within the IDB Group (0.2%).
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