01.05.2024 15:00:06 - dpa-AFX: GNW-Adhoc: Superior Essex Completes Essex Furukawa Buyout from Furukawa Electric
ATLANTA, May 01, 2024 (GLOBE NEWSWIRE) -- 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
(https://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 (http://www.furukawaelectric.com/).
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