Cork, Ireland--November 22, 2010--In the first ever technology acquisition of an Irish high- tech company by a Chinese corporation, the ZJF Group has acquired Cork-based Firecomms, a leading manufacturer of transceivers for consumer Plastic Optical Fiber (POF). The deal guarantees €5 million investment in R&D, together with the expansion of Firecomms’ engineering team from 18 to 30 people over the next 12 months. The deal also will facilitate the rapid expansion of Firecomms’ operations in mainland China.
"For some time now, mainland China has been our largest market,” said Firecomms CEO, Declan O'Mahoney. “As the ZJF Group is a major global player in this sector, today’s announcement not only allows us to guarantee investment capital and job growth for the future, it also provides us with access to the world’s largest marketplace for our technology.”
“Our acquisition of Firecomms is driven by the recent decision by various provincial governments to classify Plastic Optical Fiber as a major construction focus across China,” said Xuping Zheng, Chairman of the ZJF Group. "Delivering this infrastructure with copper cables would result in over one million tons of CO2 emissions for China and would be impossible to implement as the demand for copper would far outweigh the world’s supply. China is already the largest manufacturer of Plastic Optical Fiber and we are combining those huge resources with Firecomms’ leading technology.”
Added O’Mahoney, “This increased investment in R&D, coupled with access to the broad resources of the ZJF Group, will be hugely advantageous for our customers. In addition to giving us the ability to offer complete integrated networking solutions to our customers, the investment and access to a fast-growing marketplace will result in rapid development of POF solutions, and reduced costs for this reliable, easy to use technology.
Ronan Daly Jermyn acted as legal advisors and Sardis Capital acted as financial advisors to the acquisition.
About Firecomms www.firecomms.com Firecomms, a semiconductor company, develops high-speed optical components that drive fiber optic networks in home, industrial and automotive applications. The company’s revolutionary OptoLock® technology, licensed worldwide, has created the ability to bring fiber into every home in the world. The company was spun from the Tyndall National Institute in Ireland in 2001. Firecomms currently employs 18 people, many of whom are PhD level physicists and engineers.