Superior Essex Expands Global Leadership in Magnet Wire
Superior Essex, a global leader in magnet wire and communication cable manufacturing, announced an agreement to acquire the remaining minority shares in its joint venture, Essex Furukawa Magnet Wire, from Furukawa Electric.
With this acquisition, Superior Essex will gain full ownership of Essex Furukawa, including its global brand, assets, and operations. The move strengthens the company’s strategic control and positions it to accelerate growth and innovation across its worldwide facilities.
New Company Launch and Continued Operations
Once the transaction is complete, Superior Essex will relaunch its magnet wire business under a new company name later this year. The new entity will manage all former Essex Furukawa locations, including manufacturing plants in Japan and Malaysia (Kuala Lumpur), which Furukawa Electric initially contributed in 2020.
CEO Daniel Choi thanked the Furukawa Electric team for its partnership and dedication.
“Over the last several years, operating together as Essex Furukawa, we have built a foundation of innovation, collaboration, and shared success,” Choi said.
Building on a Strong Legacy of Partnership
The original Essex Furukawa joint venture launched in October 2020, combining the technical strengths and global reach of both companies. Together, they advanced manufacturing excellence, technological innovation, and customer service throughout the magnet wire industry.
By acquiring Furukawa’s minority interest, Superior Essex marks a major milestone in its history. The company will now manage all aspects of its global magnet wire operations, further aligning its production capabilities with expanding customer demand.
Commitment to Growth and Global Presence
Superior Essex continues to grow as a unified brand family that includes Essex Furukawa Magnet Wire, Superior Essex Communications, Essex Energy Italy, IVA, Lacroix + Kress, Hi-Wire, and Essex Brownell. The company employs over 3,000 people across 11 countries on three continents.
Meanwhile, the Furukawa Electric Group, which includes Furukawa Electric Co., Ltd., employs approximately 50,000 people worldwide and oversees operations through 127 affiliated companies.
The Superior Essex acquisition of Essex Furukawa Magnet Wire reinforces the company’s dedication to delivering high-quality products, sustainable technology, and innovative solutions for customers worldwide.