April 30, 2007 -- Wire and cable manufacturer Superior Essex Inc. announced that it has completed its acquisition of Nexans' magnet wire operations in Simcoe, Ontario, Canada.
According to a press release, the transaction consists of the acquisition of key operating assets, including inventory and property, as well as plant and equipment.
"We see the acquisition of the Simcoe facility as directly aligned with our strategic objectives for our global Magnet Wire operations," says Stephen M. Carter, chief executive officer of Superior Essex. "The Simcoe facility is an industry leader in rectangular wires, including continuously transposed cable (CTC) and related products used primarily by large transformer manufacturers in high-performance power generators and transformers. We believe that market demand will continue to be strong, driven by the growing investment by public utilities in the power grid."
Superior Essex says that the Canadian business, when combined with the operations of the company's pending Tianjin, China acquisition and its current European magnet wire operations, will make Superior Essex a global leader in this growing, energy- related market segment.
The company says the acquisition is a natural progression for its business, and should allow it to better serve its customers with a larger asset and technology base.