Prysmian Group says it plans to expand the company's North American headquarters in South Carolina's Lexington County. The expansion will see greater than $15 million of capital investment, enabling the company to execute a 3-year, $300 million contract to support the development of Verizon's 5G and new broadband networks. Prysmian Group will supply almost 11 million miles of ribbon and loose tube cables under this agreement.
In May of this year, Prysmian announced plans to make investments across North America, and supply fiber-optic cable for Verizon's ongoing fiber platform roll out (see "Verizon to buy $300 million of fiber-optic cable from Prysmian"). In July, Prysmian announced a $14 million investment in its Abbeville facility to fulfill renewable energy projects in the future, followed by an announcement in August that it broke ground on a new research and development center expansion in Lexington.
The Lexington County expansion will make the facility the company's top worldwide producer of fiber cable once finished. Prysmian operates three telecom production sites in the United States, and employs approximately 20,000 people in 50 countries around the world. According to Prysmian, the Lexington County expansion will create 30 jobs over the next 5 years and bring global industry experts to South Carolina.
"Over the years, the manufacturing industry has grown dramatically throughout the state of South Carolina, creating a unique ecosystem in our region that attracts top-tier talent," said Hakan Ozmen, Prysmian Group North America CEO."As a global leader in innovation, Prysmian Group plans to continue investing in the talent and manufacturing opportunities in South Carolina and beyond."
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