ATLANTA, March 25, 2024 (GLOBE NEWSWIRE) -- Superior Essex has agreed to fully take over the minority interest held by Furukawa Electric in the Essex Furukawa Magnet Wire joint venture. When the transaction is completed, Superior Essex will become the sole owner of the brand, assets, and operations currently conducted by the global joint venture. This decision to terminate the relationship allows each company to pursue its long-term growth strategy independently.
Superior Essex will relaunch its magnet wire business under a new company name. This new brand will incorporate all current facilities from the Essex Furukawa joint venture-which includes the Japanese and Malaysian (Kuala Lumpur) magnet wire facilities contributed by Furukawa Electric.
This is an opportunity for Superior Essex to strengthen its capability in their future business and creates a mutually beneficial situation for Furukawa Electric to focus on their core businesses.
The most recent collaboration between Superior Essex and Furukawa Electric began in October 2020, and resulted in the brand establishing market leadership positions in North America, Europe, and Asia.
During its operation, Essex Furukawa was able to forge strategic customer partnerships and expedite research and development advancements. The partnership also resulted in significant synergies, including the expansion of custom product solutions, the sharing of best practices, and enhanced customer service capabilities.
The buyout transaction, and the termination of the joint venture, is expected to close at the end of April 2024.
About Superior Essex Inc.
Superior Essex is the parent brand of Essex Furukawa Magnet Wire, Superior Essex Communications, Essex Energy Italy, IVA, Lacroix + Kress, Hi-Wire, and Essex Brownell. It has over 3,000 employees in 11 countries, on three continents. Superior Essex is the leading, global provider of magnet wire and is on the forefront of communications fiber application as well as Power over Ethernet.
About Furukawa Electric Co., Ltd.
Since its establishment in 1884, Furukawa Electric Group has 127 group companies including Furukawa Electric Co., Ltd., and approximately 50,000 employees around the world. And provide a wide range of technologies, products, and services around the world for infrastructure fields such as information and energy, automotive systems fields, and electronics fields with our 4 core technologies of metals, polymers, photonics, high frequency. To learn more about Furukawa Electric, please visit furukawaelectric.com.
