[Alpha Biz=(Chicago) Reporter Kim Jisun] LS Group's US wire subsidiary, Superior Essex (SPSX), announced on the 26th that it has agreed to acquire the entire stake in the joint venture held by Japan's Furukawa Electric.
SPSX will take over the entire stake in the Essex Furukawa Magnet Wire (LLC), a global wind (covering copper wire for electronic devices) joint venture.
LLC is a joint venture established in 2020 by SPSX, the world's largest Kwonseon manufacturer, with Furukawa Electric. At the time of its establishment, SPSX had a 61% stake and Furukawa Electric had a 39% stake.
Through the acquisition, SPSX will own assets, facilities and brands, including the Gwonseon business in Furukawa, Japan and Malaysia (Kuala Lumpur), as well as Gwonseon production corporations in North America, Europe, China and Malaysia, which were included in the joint venture.
The acquisition of SPSX's stake and the termination of the joint venture will take place by the end of April 2024.
LS Group said it plans to speed up its efforts to tap into the Gwonseon market through the acquisition of SPSX's stake.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
