Essex Furukawa Magnet Wire Europe GmbH

Essex Furukawa Magnet Wire Europe GmbH Overview

Company Headquarters: Bad Arolsen, Germany

Founded: 2017

Workforce: ~ 2,100

Company Working: Essex Furukawa Magnet Wire Europe GmbH is the leading player in the manufacturing and selling of magnet wire products. The company is a joint venture between Essex Germany and Furukawa Electric for providing High Voltage Winding Wire (HVWW) to the European market. It has established itself as a pioneer in the development and production of magnet wire products. The company has paved the way by satisfying the demands for magnet wire and cable from the automotive, industrial, commercial & residential, energy, and communications areas. The product portfolio of the company includes magnet wire, High Voltage Winding Wire (HVWW), and others. The HVWW product is intended for usage in the auto sector to serve customers that need smaller weights and thinner wires in electric motors. It has 16 manufacturing facilities and serves its customers across the globe.

Strategy

Essex Furukawa Magnet Wire Europe GmbH is continuously working towards the development of products through collaboration and joint ventures between its subsidiaries company. It strives to push boundaries for the production of magnet wire solutions to help customers with innovative and advanced solutions. The company's goal is to provide partners with the products and services they need to thrive in their respective markets. The company is working towards Vision 2030 for green production, and it aims to be the recognized leader in producing sustainable solutions within magnet wire manufacturing globally, to fulfill current and future demands, and to assist customers' continuous sustainability initiatives.

Company Snapshot

2,100

Employees

2017

Founded

Bad Arolsen, Germany

Headquarters

SWOT Analysis

Strengths

Leading producer in Germany
Strong product portfolio
Large manufacturing facilities

Weaknesses

Dependence on suppliers of raw material

Opportunities

Innovative product developments through continuous expansion of facilities
Focused on sustainable development

Threats

Fluctuation in exchange rates
High competition from global players

Key Developments

Date	Approach	Development
May 2023	Expansion	Essex Furukawa is investing USD 60 million to construct a new manufacturing facility for the production of magnet wire for use in electric and hybrid vehicles. The expansion will help the company to cater to the growing need for magnet wire in the electric and hybrid vehicle market
October 2020	Joint Venture	Furukawa Electric Co Ltd ("Furukawa"), and Superior Essex Holding Corp ("SPSX") have formed a joint venture for the worldwide magnet wire industry. The heavy magnet wire and polyimide tube businesses operated by Furukawa and its wholly-owned subsidiary Furukawa Magnet Wire Co Ltd have been transferred to Essex Furukawa Magnet Wire LLC ("EFMW"), a joint venture, via Furukawa Electric Magnet Wire America Inc ("FEMA")
September 2019	Joint Venture	Essex Magnet Wire ("Essex") and Furukawa Electric Co., Ltd. ("Furukawa") have formed a joint venture on the basic terms of a new international joint venture. The collaboration will build on the two companies' existing magnet wire alliance in Europe. The businesses will merge their magnet wire business activities over the coming months to establish a worldwide market leader, after the signing of the definitive agreements and normal regulatory and other clearances. The merged business will use the "Essex Furukawa" trademark and do business as Essex Furukawa Magnet Wire, LLC.

Product Offering

Essex Furukawa Magnet Wire Europe GmbH
- Automotive Magnet Wire Market

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