Superior Essex To Acquire Lacroix + Kress GmbH from Mutares
ATLANTA, GA – Superior Essex Inc. has signed an agreement to purchase Lac...
ATLANTA, GA – Superior Essex Inc. has signed an agreement to purchase Lacroix + Kress GmbH, the leading oxygen free copper (OFC) drawing manufacturer in Europe, from Mutares SE & Co. KGaA.
With OFC being a key component in electric vehicles (EVs), this strategic acquisition further solidifies a commitment by Superior Essex to the growing EV market and will enhance customer satisfaction and competitiveness within the industry.
Additionally, it will allow Superior Essex to create vertically integrated operations in Europe between its magnet wire businesses with a joint manufacturing site in Bramsche, Germany. A second plant in Neunburg vorm Wald, Germany will also expand the specialty wires offerings.
Klaus Borstner is the President of Essex Furukawa Magnet Wire Europe, Essex Energy Italy and Global IVA Enamels in Europe and China. He believes it will create synergy between the plants, as well as more rapidly advancing innovation for the automotive, energy, and industrial industries.
“This is an exciting investment into not only the future but also the present,” Borstner said. “Having the two plants share a location in Bramsche can immediately improve efficiencies, and increase innovation, while the new location in Neunburg vorm Wald allows us to expand our product portfolio.
“We believe that this acquisition will help add value to our existing customers as well as create new opportunities as we honor the existing relationships that originated with Lacroix + Kress.”
The sale of Lacroix + Kress to Superior Essex follows Mutares’ exit strategy to find the ‘best new owner.’
“We believe that Superior Essex can leverage significant synergies not only due to the already strong business relationship between the two companies but also due to their shared local presence in Central Europe,” Johannes Laumann, CIO of Mutares SE & Co. KGaA, said.
Both Superior Essex and Lacroix + Kress were previously affiliated through a European Joint Venture with Nexans in 2005. This acquisition brings the two companies once again under the same ownership.
The transaction is expected to be completed during the first quarter of 2023.
About Superior Essex
Superior Essex is the parent brand of Essex Furukawa Magnet Wire, Superior Essex Communications, Essex Energy Italy, IVA, Hi-Wire and Essex Brownell. It has over 3,000 employees in 11 countries, on three continents. Superior Essex is the leading, global provider of magnet wire and is on the forefront of communications fiber application as well as Power over Ethernet (PoE) technology. It is instrumental in creating disruptive technological advancements in the electrification of the automotive, energy, and industrial sectors. Superior Essex is committed to pioneering smart building technology while also setting the pace on sustainability. Superior Essex is Everywhere You Live and Work®. Additional information is available at superioressex.com.
About Mutares SE & Co. KGaA
Mutares SE & Co. KGaA, Munich (www.mutares.de), as a listed private equity holding company with offices in Munich (HQ), Amsterdam, Frankfurt, Helsinki, London, Madrid, Milan, Paris, Stockholm and Vienna, acquires medium-sized companies in special situations, based in Europe, which show significant operational improvement potential and are sold again after undergoing a repositioning and stabilization process. For the financial year 2022, consolidated revenues of approx. EUR 4 billion are expected. Based on this, consolidated revenues are to be expanded to approx. EUR 7 billion by 2025. As the portfolio grows, so do consulting revenues, which together with portfolio dividends and exit proceeds accrue to the Mutares Holding. Accordingly, a net profit in the holding company in the range of EUR 125 million to EUR 150 million is expected for the financial year 2025. The Management Board and Supervisory Board together hold more than one third of all Mutares shares with voting rights. The shares of Mutares SE & Co. KGaA are traded on the Regulated Market of the Frankfurt Stock Exchange under the symbol “MUX” (ISIN: DE000A2NB650).