Nortel Unveils Vision, Strategy for Israeli High-Performance Net
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[Tel Aviv, ISRAEL] Nortel Networks today launched Nortel Networks Israel (Sales and Marketing) Ltd.
The new joint venture is intended to build on a successful 20-year relationship with Koor Industries subsidiary Telrad to deliver high- performance Internet solutions to carrier and enterprise customers in Israel.
Koor Industries Ltd. is an investment holding company with headquarters in Tel Aviv. Its primary assets include telecommunications and electronics companies such as ECI Telecom, Tadiran, and Telrad.
"We're investing heavily and leveraging the global resources of Nortel Networks to bring a new, high-performance Internet to Israel," said Darryl Edwards, chief executive officer of Nortel Networks Israel.
High levels of Internet and cellular use, combined with an abundance of high quality human resources, make Israel a significant market opportunity.
The Meimad Institute estimates that 29 percent of Israel's households are already connected to the Internet, and the Israeli Ministry of Communication predicts a continued increase in demand for Internet access.
Israel's cellular market -- already with a higher penetration rate than Europe - is expected to grow at 15 percent annually through 2005.