Essex & Furukawa Electric agree to joint global venture

The joint venture will expand upon a previous magnet wire partnership between the two entities in Europe.The companies will combine their magnet wire business operations over the course of the next several months to create a major player on the market. The combined company will operate as Essex Furukawa Magnet Wire, LLC, using the "Essex Furukawa" brand "Today is an exciting day, not only due to the announcement of the Essex Furukawa deal, but also as it marks the creation of a technological powerhouse in the magnet wire industry that can service many of the leading enterprises," says Brian Kim, CEO of Superior Essex, in a press release. "As a singular entity - and relying on the strengths of both Essex Magnet Wire and Furukawa Electric - we will be able to draw on more than two centuries of combined experience and knowledge to push the boundaries of innovation while remaining focused on delivering manufacturing excellence, technological advancement, and outstanding customer service," Kim continues.