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Dr. Gillespie said "Nortel Networks is one of the leading suppliers of high capacity optical networks systems which are manufactured on the site at Monkstown and shipped throughout the world. This underlines Nortel Networks' commitment to promoting technology and economic growth in the region."

Outlining the reasons for Nortel Networks' latest investment, vice president for development within the International Optical Networks business, Peter Schuddeboom said: "Within Nortel Networks, NITEC has the global responsibility for the design and development of equipment known as Synchronous Digital Hierarchy (SDH) fibre optic multiplexers - equipment which forms the backbone of the information superhighway. The Belfast operation provides Nortel Networks with a significant resource of high quality technology graduates. This resource is focused on R&D projects, allowing Nortel Networks to maintain its leadership position as a supplier of high quality optical transmission products to a telecommunications marketplace which is currently experiencing rapid growth. We have an excellent track record in Northern Ireland. We have 20 R&D establishments on a world-wide basis, and Northern Ireland is one of Nortel Networks' key facilities. They've done a really good job for us and we have continued to invest in the region as a result."

The press conference in Belfast coincides with the Atlanta event of the IDB's tour of the United States of America at which Ian Craig, Executive Vice President of Nortel Networks and President of Carrier Networks, will speak in support of the IDB's efforts to promote Northern Ireland as an investment location.

Today's announcement means that since 1995, Nortel Networks has committed to investing nearly £12 million and creating 325 new jobs at Monkstown. In addition, less than a month ago, the centre announced a £2.5 million research project involving the engineering and software departments at Queen's University, Belfast and the University of Ulster. Within the local telecommunications sector, it is a very significant expansion because it will see NITEC become one the largest industrial R&D centres in Northern Ireland.

Nortel Networks works with customers worldwide to design, build, and deliver telephony and IP-optimized networks. Customers include public and private enterprises and institutions; Internet service providers; local, long-distance, cellular and PCS communications companies, cable television carriers, and utilities.

Nortel Networks' common shares are listed on the New York, Toronto, Montreal, Vancouver, and London stock exchanges. Nortel Networks had 1997 revenues of US$15.5 billion and Bay Networks, a wholly owned subsidiary of Nortel Networks, had revenues of US$2.4 billion during its most recent fiscal year. The combined company's workforce totals approximately 80,000 employees worldwide.

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