Oki expands business

Oki expands business

TOKYO (Reuter): Oki Electric Industry Co Ltd said yesterday that it and a Chinese telecommunications firm would set up a joint venture in China in May to manufacture and sell telephone systems and switchboards.

The joint venture will sell its products to markets in Europe, Oceania, Japan and Southeast Asian countries as well as China, Oki said in a statement.

The joint venture will be capitalized at US$7.3 million. Oki will hold a 70 percent stake in the firm, while the Chinese partner, Guoguang Electronic Corp, will own 30 percent, the statement said.