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, announced that it has agreed to take over the remaining minority interest held by Furukawa Electric in Essex Furukawa.

A press release said that 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 this year. 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.”

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.

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.

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. Furukawa Electric Group has 127 group companies including Furukawa Electric Co., Ltd., and approximately 50,000 employees around the world.