According to a press release, Superior Essex purchased Nexans' outstanding shares in Essex Nexans for euro 22 million in cash. In addition, Essex Nexans redeemed a euro 11.3 million subordinated note from Nexans.
With the completion of the transaction, Superior Essex now owns 100% of the equity of Essex Nexans, the largest European magnet wire manufacturer.
"We have been extremely pleased with the progress the Essex Nexans joint venture has made since its formation in October 2005, and we have enjoyed our partnership over that period of time with Nexans," comments Stephen M. Carter, chief executive officer of Superior Essex. "We look forward to the completion of the Invex acquisition and to continued positive results from our European Magnet Wire business segment."
Superior Essex's European Magnet Wire and Distribution business segment will continue to be headquartered just outside of Paris, in Compiegne, France. It currently operates seven facilities in France, Germany, Portugal and the United Kingdom.