LS Group acquires joint venture with Furukawa Electric to expand magnet wire business market = South Korean report

Superior Essex (SPSX), the U.S. subsidiary of LS Group, has recently established Furukawa Magnet Wire (EFMW), a joint venture with Furukawa Electric of Japan, to expand the magnet wire market.
) announced that it would acquire all of Furukawa Electric's holdings. As a result, SPSX will acquire EFMW's winding factories in North America, Europe, China, and Malaysia, and Furukawa Electric's winding factories in Japan and Malaysia.
The company now owns all of Sia's magnet wire-related assets, facilities, and brands. The procedures regarding the acquisition of SPSX's stake and the dissolution of the joint venture relationship are expected to continue until the end of April. concrete
The scale of the stake acquisition is not disclosed. Both parties believe that the dissolution of the joint venture will provide an opportunity for them to strengthen their future business capabilities and focus on their main businesses.
Through the acquisition of EFMW, LS Wire will build partnerships with customers and increase its achievements in the field of research and development (R&D).
Through these efforts, the company has created a foothold that will allow it to take a leading position in the magnet wire markets in Europe, the United States, and Asia. Prior to this, the two companies announced that in 2020, SPSX would have a 61% share and Furukawa Electric would have a 39% share.
Established a joint venture company in 2015, and has strived to create synergies in winding wire-related technical capabilities, production bases, sales networks, and brands.
SPSX, on the other hand, is a winding wire manufacturer founded in 1930 with bases in North America, Europe, and China. LS group
It was acquired in 2008 to expand overseas business.