On May 27, Furukawa Electric Co., Ltd. and Superior Essex Inc. announced the companies are currently in pursuit of global collaboration, targeting the Chinese and North American markets.
The companies currently have an established German joint venture company, “Essex Furukawa Magnet Wire Europe GmbH” (Superior Essex: 51%, Furukawa: 49%), which was formed in March 2017 with the intent to supply high-voltage winding wire and other sophisticated products such as HVWW to the European market. The winding wire manufactures will release further detail when an agreement is reached.
Having innovation capability for development of high performance winding wire, including HVWW, for applications in automotive electric motors, generators and reactors, Furukawa Electric has since 1988 developed a good business relationship with Superior Essex through technical assistance and former joint ventures.
Superior Essex, with its 12 manufacturing sites around the globe and world-wide sales network, figures to be be a complementary partner for Furukawa with its limited overseas facilities for the business. The parent brand of Essex Magnet Wire, Superior Essex Communications, and Essex Brownell, the company has over 3,000 employees in 11 countries, on three continents.
Per a company statement, "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 http://superioressex.com.
Furukawa Electric (TSE; 5801, ISIN; JP3827200001) Group started business in 1884, when its copper-smelting facility and wire manufacturing factory was established. Since then Furukawa Electric has become pioneers in the latest technologies by addressing diverse technological issues. Furukawa Electric has released products in a number of areas, including telecommunications, electronics, automobiles, and construction, with the three types of materials it works with at their core, namely, optics, plastics, and metals.
The company notes that many of these products have attained the top global market share, and all of its products have contributed to society in numerous business areas. Furukawa Electric reported consolidated revenues of JPY 991.6 billion (approximately USD 8.9B) for the fiscal year ended March 31, 2019.
SEE: Global wire and cables market forecast to $173.5B at 6.2% CAGR til 2022
