Furukawa Electric, Superior Essex Agree to Divest Heavy Magnet Wire Joint Venture

March 25, 2024

Furukawa Electric Co., Ltd. (Head office: Chiyoda-ku, Tokyo, Japan, President: Hideya Moridaira) has agreed to sell its minority interest in the Essex Furukawa Magnet Wire joint venture (“EFMW”) to Superior Essex.
This is an opportunity for Furukawa Electric to focus on their core businesses towards the achievement of the “Furukawa Electric Group Vision 2030”, provided that Furukawa Electric will continue magnet wire business, such as (i) the business undertaken by Furukawa Electric at its Shirone Works Facility, (ii) the business undertaken by Furukawa Electric’s affiliated companies, Taiwan Furukawa Magnet Wire Co., LTD. and Jung Shing Wire Co., Ltd., (iii) the triple insulated winding wire (TEX) business, and (iv) any other business conducted or to be conducted by Furukawa Electric and its affiliates that is not related to the heavy magnet wire business contributed by Furukawa Electric to EFMW.
The divesture transaction, and the termination of the joint venture, is expected to close at the end of April 2024.
When the transaction is completed, Superior Essex will become the sole owner of EFMW, incorporating all current facilities from the Essex Furukawa joint venture—which includes the Japanese and Malaysian (Kuala Lumpur) magnet wire facilities contributed by Furukawa Electric.
EFMW Japan will require a certain period to run its operations on a stand-alone basis, so Furukawa Electric will provide transitional services for their existing operations in Tokyo, Hiratsuka and Mie.

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.
More information on Furukawa Electric

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.