Superior Essex, Furukawa Electric Agree to Buyout in Global Venture [Financial Post (Toronto, Ontario, Canada)]
FURUKAWA ELEC CO LTD ADR (FUWAY)
NASDAQ:AMEX Investor Relations:
furukawa.co.jp/english/ir/index.htm
Company Research
Source: Financial Post
ATLANTA, GA, 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 decision to terminate the relationship allows each company to pursue its long-term growth strategy independently. Superior Essex will relaunch its magnet wire business under a new company name. 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. Article content Article content This is an opportunity for Superior Essex to strengthen its capability in their future business and creates a mutually beneficial situation for Furukawa Electric to focus on their core businesses. T
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