Nicco Corporation (Nicco) has entered into definitive agreements with Prysmian (Dutch) Holdings BV. Nicco and Prysmian (Dutch) Holdings BV belonging to the Prysmian group shall jointly participate in a new company called Nicco Cable; where Prysmian (Dutch) Holdings BV shall become the majority shareholder (60%) with the company holding 40%.

Prysmian Group is a world leader in the energy and tele communications cables Industry with strong market position in higher-added value segments. NICCO Cables, will acquire the cable business from the company pursuant to scheme of arrangement / on slump sale basis and shall be the joint venture company.