NEC to Establish $5.7B Acquisitions Fund

TOKYO (07/05/2000) - NEC Corp. plans to establish a corporate fund of around 600 billion yen [B] (US$5.7 billion[B]) to be used for acquisitions of information technology companies over the next three years, IDG News Service has learned.

Details of the fund are expected to be announced at a Tokyo press conference Wednesday at which company President Koji Nishigaki will outline the future management strategy of the company. Also present will be the presidents of NEC's recently formed three in-house companies and Executive Vice President Shigeo Matsumoto.

The corporate acquisitions fund is the latest in a number of steps the company has taken as part of a strategy, unveiled late last year, to reposition itself around the Internet. [See "NEC Restructures Around Internet Businesses," Sep.

28, 1999.]

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