Cleary Gottlieb is representing Furukawa Electric in a joint venture with Essex Magnet Wire to supply a new type of extruded high-voltage wire primarily to customers in the automotive industry in the European Economic Area.
Based in Bad Arolsen, Germany, the joint venture will operate under the name Essex Furukawa Magnet Wire Europe. The transaction was announced on November 23, 2016. It is still subject to approval by antitrust authorities and is expected to close in the first quarter of 2017.
Furukawa Electric, headquartered in Tokyo, Japan, releases products in a number of areas, including telecommunications, electronics, automobiles, and construction, with the three types of materials it works with at their core, namely, optics, plastics, and metals.
Essex Magnet Wire, a division of Superior Essex based in Atlanta, Georgia, with subsidiaries in France, Germany, Italy and the United Kingdom, is a global leader in the design, manufacture and supply of wire products including magnet wire produced for the automotive, commercial, residential, energy and industrial markets.