ATLANTA — Superior Essex, a global leader in the magnet wire and communication cables industry and a majority owner of the Essex Furukawa Magnet Wire joint venture with Furukawa Electric, has announced that it has agreed to take over the remaining minority interest held by Furukawa Electric in Essex Furukawa. When the transaction is completed, Superior Essex will become the sole owner of the brand, assets and operations currently conducted by the global Essex Furukawa joint venture.
Superior Essex plans to relaunch its magnet wire business under a new company name in 2024. This entity will continue to operate all current facilities of the Essex Furukawa joint venture around the world—which includes the Japanese and Malaysian (Kuala Lumpur) magnet wire facilities contributed by Furukawa Electric in October 2020.
“I want to thank the entire Furukawa Electric team,” Superior Essex CEO Daniel Choi said. “Over the last several years—operating together as Essex Furukawa—we have been able to create many successes.
“This is an opportunity for Superior Essex to strengthen its capability in our future business and creates a mutually beneficial situation for Furukawa Electric to focus on their core businesses. We look forward to the completion of the transfer of Furukawa Electric’s minority interest in Essex Furukawa and to continued great results and market leadership of the global business, including in Japan and Malaysia.”
The collaboration between Superior Essex and Furukawa Electric in Essex Furukawa began in October 2020, with the aim of leveraging their combined experience and knowledge to drive innovation and deliver manufacturing excellence, technological advancement, and outstanding customer service. Over the course of the joint venture, the two companies successfully pushed the boundaries of technology, establishing market leadership positions in North America, Europe, and Asia.
During its operation, Essex Furukawa was able to forge strategic customer partnerships and expedite research and development advancements. The collaboration also resulted in significant synergies, including the expansion of custom product solutions, the sharing of best practices, and enhanced customer service capabilities. The joint venture facilitated the establishment of additional points of shipping, expanded global sales and technical teams, as well as increased global rod & foundry resources, and created a diversified global innovation team, particularly in the field of electric and hybrid vehicle development.
The acquisition of Furukawa Electric’s minority interest in Essex Furukawa marks an important milestone for Superior Essex as it takes full control of its global operations and strengthens its commitment to delivering exceptional products and services to its customers worldwide. With the acquisition of Furukawa Electric’s stake, Superior Essex is poised to continue its legacy of innovation and excellence in the wire and cable industry.
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.
