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Due to safety concerns and other complexities caused by the COVID-19 pandemic, the leadership teams of Essex Magnet Wire and Furukawa Electric Co. have mutually agreed to delay the commencement date of its global joint venture on April 1. The boards of both companies are committed to launching the Essex Furukawa joint venture on or before October 1, 2020.
Both parties have adopted measures to respect the experts’ advice on social distancing, prioritizing the safety of employees and staff over normal business operations during the spread of coronavirus, and as such it was determined that during this period of time the execution of the joint venture would not be feasible.
Upon completion of the joint venture, the expectation is that the Essex Furukawa brand will be able to lead in technological advancements; have market leadership positions in North America, Europe, and Asia; allow for strategic customer partnerships, and expedite research and development advancements. There will be numerous additional benefits to our customers as a result of this venture, including: expansion of our custom product solutions, the sharing of best practices, and the ability to better service our customers with additional points of shipping, expanded global sales and technical teams, increased global rod & foundry resources, and a diversified global innovation team, especially for EV/HEV developments.
We appreciate your understanding of this delay, hope you are well during this difficult time, and look forward to a continued partnership long into the future.
Brian Kim, CEO