[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.
“Establishing a fully operational headquarters in Israel enables us
to invest more in our existing customers, and to develop
relationships with new players in this dynamic market.”
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.