Prysmian gets USD 300m optical cable supply agreement from Verizon

Prysmian Group (FTSE: PRY), world leader in the energy and telecom cable systems industry, has been awarded a significant supply agreement from the US telecom company Verizon Communications (NYSE, Nasdaq: VZ) to support the company´s US network expansion around a next-generation fiber platform that will speed the deployment of 5G services, while improving 4G LTE and other broadband capacity, the company said.

The three-year contract is worth approximately USD 300m and will include supply of more than 17 million fiber kilometers (10.6 million miles) of ribbon and loose tube cables.

Prysmian Group´s telecom division has qualified as an optical fiber, optical cable and connectivity solutions provider to Verizon for more than a decade.

With 10 plants employing over 2.000 people and revenue of USD 1.4B in 2016, Prysmian Group North America serve both the telecom and energy cable markets. Telecom Cables & Systems produces optical fibers, optical cables and connectivity for video, data and voice transmission. Prysmian Group has two fiber optic manufacturing facilities in the United States, including the only co-located fiber and cable facility in North America. In the energy business, Prysmian design and produce cables and systems for the transmission and distribution of low, medium, high and extra high voltage systems.