Superior Essex, Furukawa Electric Agree to Buyout in Global Venture
ATLANTA, March 25, 2024 (GLOBE NEWSWIRE) -- Superior Essex has agreed to fully take over the minority interest held by Furukawa Electric in the Essex Furukawa Magnet Wire joint venture.
- ATLANTA, March 25, 2024 (GLOBE NEWSWIRE) -- Superior Essex has agreed to fully take over the minority interest held by Furukawa Electric in the Essex Furukawa Magnet Wire joint venture.
- When the transaction is completed, Superior Essex will become the sole owner of the brand, assets, and operations currently conducted by the global joint venture.
- This new brand will incorporate all current facilities from the Essex Furukawa joint venture—which includes the Japanese and Malaysian (Kuala Lumpur) magnet wire facilities contributed by Furukawa Electric.
- The buyout transaction, and the termination of the joint venture, is expected to close at the end of April 2024.