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Fiber-Optic Venture

September 20, 2000|Bloomberg News

Hitachi Ltd., Japan's largest electronics maker, formed a joint venture with Clarity Partners and Marubeni Corp. to supply components used in fiber-optic equipment, a market it estimates is growing 36% a year. Hitachi will contribute its fiber-optic components unit, which had sales of $159 million in its last fiscal year, in exchange for a majority stake in OpNext Inc. Clarity, a Los Angeles-based investment firm, and Japanese trading house Marubeni will jointly invest as much as $450 million through their Clarity Group partnership. OpNext will have its headquarters in Beverly Hills but also maintain operations in Tokyo, where Hitachi is based.

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