A year from when they reached agreement for a magnet wire mega-deal, Superior Essex and Furukawa Electric now are moving forward to finalize creation of their global joint venture. Originally targeted for commencement on April 1, the pact was put on hold due to the Covid-19 pandemic but reactivated on October 1. The combined company will operate as Essex Furukawa Magnet Wire LLC using the brand, Essex Furukawa. It will be led by Brian Kim, Atlanta-based CEO of Superior Essex, Inc., the parent company of the Essex Magnet Wire business.
“This is an exciting day, not only due to the finalization 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,” said Brian Kim, CEO of the newly formed company. “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 forward innovation while also remaining focused on delivering manufacturing excellence and outstanding customer service.”
“I believe that combining the global production and distribution capabilities of Essex with the technology and innovation of Furukawa Electric will ensure that Essex Furukawa is one of the most exciting things to happen to the industry in some time,” Kim said.
Other top executives of the new operation include Toru Shiigi who has been named senior vice president of global operations, and Masakazu Mesaki, named senior vice president of global research and development. Both have been long-time employees and key leaders of Furukawa’s magnet wire business.
The plan was initially jointly announced on September 2019 by both Kim and Kei Kobayashi, right, president of Furukawa Electric which is based in Tokyo. As previously reported, the deal involves a combined workforce of nearly 2,100 employees working at 17 locations in eight countries. See www.essexfurukawa.com.