Superior Essex Inc. and Furukawa Electric Co., Ltd. Announce Intent to Form European Joint Venture
Essex Magnet Wire, a division of Superior Essex Inc., and Furukawa Electric Co., Ltd. (“Furukawa Electric”) announced today their intent to form a joint venture to supply a new type of winding high-voltage wire (HVW) primarily to the automotive industry throughout the European Economic Area.
The joint venture will manufacture, market, sell, and distribute HVWs that are used in electrical-driving motors, generators, and reactors for automotive vehicles. This endeavor combines the global resources and technical expertise of Essex Magnet Wire and Furukawa Electric, i.e., Essex Magnet Wire's European sales force and manufacturing operations and Furukawa Electric's relevant technology, which Furukawa Electric will license to the joint venture, to supply a new type of HVW to automotive customers in Europe. Based in Bad Arolsen, Germany, the joint venture will operate under the name Essex Furukawa Magnet Wire Europe. Although Essex Magnet Wire will be the majority shareholder of the joint venture, the parties expect to operate the joint venture in the spirit of a true commercial partnership. The formation of the joint venture is expected to close in the first quarter 2017, following the execution of definitive agreements and the receipt of required regulatory approvals.
About Essex Magnet Wire—a division of Superior Essex Inc.
Superior Essex Inc. manufactures and distributes copper and aluminum wire and cable products that power and connect everything from classrooms and data centers to electric vehicles and mobile devices. For over 85 years, Superior Essex has been serving the magnet wire/winding wire, communications, and energy, related distribution markets. Its Essex Magnet Wire division holds top market shares in North America and Europe providing the automotive, industrial, energy and commercial and residential markets with seamless delivery and service from facilities in seven countries. Dedicated to resolving customer's challenges while positively impacting our communities worldwide, Superior Essex, and its divisions, continue to push boundaries in technology, sustainability, and innovation. For more information, visit superioressex.com.
About Furukawa Electric Group
Furukawa Electric (TSE; 5801, ISIN; JP3827200001) Group started business in 1884, when its copper-smelting facility and wire manufacturing factory was established. Since then Furukawa Electric has become pioneers in the latest technologies by addressing diverse technological issues. Furukawa Electric has released products in a number of areas, including telecommunications, electronics, automobiles, and construction, with the three types of materials it works with at their core, namely, optics, plastics, and metals. Many of these products have attained the top global market share, and all of its products have contributed to society in numerous business areas. Furukawa Electric reported consolidated revenues of JPY 874.9 billion (approximately USD 8.0B) for the fiscal year ended March 31, 2016.