Superior Essex successfully completes acquisition of Essex Furukawa Magnet Wire from Furukawa Electric Company Limited, plans to relaunch its magnet wire business under a new name, while continuing to operate all current facilities of the Essex Furukawa joint venture worldwide.
May 1, 2024
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 Company Limited.
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.
As per a statement issued by the company, 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.
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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.”
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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 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.
Superior Essex 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.
