DALLAS--(BUSINESS WIRE)--ZTE Corporation (0763.HK), a leading global provider of telecommunications equipment and network solutions, today signed purchase agreements with five U.S. technology vendors at total value of 3 billion USD. Under these framework agreements, ZTE will purchase semiconductor components from QUALCOMM Incorporated (NASDAQ:QCOM), Texas Instruments Incorporated (NYSE:TXN), Freescale Semiconductor (NYSE:FSL), ALTERA Corporation (NASDAQ:ALTR) and Broadcom Corporation (NASDAQ:BRCM) over the next 3 years.
Developing close ties with U.S. chip vendors has allowed ZTE to develop highly competitive telecom solutions while reducing the time to market of its products. In the past, ZTE has paid over USD $4 billion to U.S. vendors for intellectual property and hardware products.
“As a publicly traded and transparent company with more than 18.72% equity owned by European and American investors, we believe it is very important for ZTE to cooperate with U.S. partners and continue to increase our investment in the U.S. market,” said Mr. Ye Weimin, Senior Vice President of ZTE Corporation. “We are keen to deepen our relationships with both U.S. suppliers and telecom carriers in order to meet the needs of our U.S. customers and provide highly secure and innovative products and solutions. It’s an exciting time for ZTE and we are very optimistic about what can come from today’s signed agreements.”
With steady growth since its founding 25 years ago, ZTE’s operating revenue increased 10.89% year-on-year to USD $4.524 billion in the first half of 2010, of which 18% is contributed from across European and American markets. ZTE remains focused on its innovation strategy, committing 10% of its revenue into the research and development of products. Across the 15 ZTE research centers around the globe, there are over 30,000 employees dedicated to research and development which have led to ZTE’s ownership of over 30,000 telecom patents and more than 5,000 PCT applications. By delivering high quality and cost effective products and solutions, ZTE has worked with over 500 operators in more than 140 countries and established long-term partnerships with global telecom giants such as Telecom France, Vodafone, Telefonica (Spain), Telstra (Australia) and Verizon.
ZTE is a leading global provider of telecommunications equipment and network solutions with the most comprehensive product range covering virtually every sector of the wireline, wireless, service and terminals markets. The company delivers innovative, custom-made products and services to over 500 operators in more than 140 countries, helping them to meet the changing needs of their customers while achieving continued revenue growth. ZTE’s 2009 revenue led the industry with a 36% increase to USD 8,820.7 million. ZTE commits 10 percent of its revenue to research and development and takes a leading role in a wide range of international bodies developing emerging telecoms standards. A company with sound corporate social responsibility (CSR) initiatives, ZTE is a member of the UN Global Compact. ZTE is China’s only listed telecom manufacturer, publicly traded on both the Hong Kong and Shenzhen Stock Exchanges (H share stock code: 0763.HK / A share stock code: 000063.SZ). For more information, please visit www.zte.com.cn.