Superior Essex Completes Essex Furukawa Buyout from Furukawa Electric
May 01 2024 - 8:00AM
Superior Essex Completes Essex Furukawa Buyout from Furukawa
Electric
Superior Essex, a global leader in the magnet wire and
communication cables industry, has successfully completed the
acquisition of the remaining minority interest in Essex Furukawa
Magnet Wire from Furukawa Electric Co., Ltd. Effective April 30,
2024, the completion of this transaction establishes Superior Essex
as the sole owner of the brand, assets, and operations previously
conducted by the global joint venture with Furukawa Electric.
Superior Essex plans to relaunch its magnet wire
business under a new company name, to be announced later in 2024,
while continuing to operate all current facilities of the Essex
Furukawa joint venture worldwide. This includes the magnet wire
facilities in Japan and Malaysia (Kuala Lumpur) that were
contributed by Furukawa Electric in October 2020.
Daniel Choi, CEO of Superior Essex, expressed
his gratitude for the partnership and satisfaction with the
completion of the acquisition, stating, “Over the last several
years we have been able to accomplish many great things working
with the team from Furukawa Electric. I am proud of what was
created and thankful for their contributions.”
The acquisition of Furukawa Electric’s stake in
Essex Furukawa marks a significant milestone for Superior Essex,
solidifying its control over global operations and reinforcing its
commitment to delivering exceptional products and services to
customers worldwide. With this acquisition, Superior Essex is
well-positioned to continue its legacy of innovation and excellence
in the wire and cable industry.
“Superior Essex plans to continuously respond to
market demands in the xEV automotive industry, power,
electrification, and renewable energy markets—paving the way for
future technologies as a global leader,” Choi added. “We will also
strengthen our position by actively pursuing decarbonization and
sustainability.”
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 (PoE) technology. It is instrumental in creating
disruptive technological advancements in the electrification of the
automotive, energy, and industrial sectors. Superior Essex is
committed to pioneering smart building technology while also
setting the pace on sustainability. Superior Essex is Everywhere
You Live and Work®. Additional information is available at
superioressex.com.
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.