Transfer of the Large-Gauge Winding Wire and Polyimide Tube Business to a Joint Venture Company
First written in FY2020-Q2. 2 of 5 entries say "Restated". Latest entry: FY2024.
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- FY2024AchievedAnnual report
「Note: Following the transfer on 30 April 2024 of shares in Essex Furukawa Magnet Wire LLC held by our wholly owned subsidiary, the company was excluded from the scope of consolidation.」
The transfer of shares in Essex Furukawa Magnet Wire LLC, the joint venture with Superior Essex, held by our wholly owned subsidiary was completed on 30 April 2024, and the company was excluded from the scope of consolidation. - FY2021-Q3RestatedAnnual report
「Effective 1 October 2020, the Company transferred, through an absorption-type company split, the business conducted by the Company and its wholly owned subsidiary 古河マグネットワイヤ㈱ relating to the development, manufacture and sale of heavy-gauge winding wire and polyimide tubing (PIT) to EFMJ㈱, a wholly owned subsidiary established by the Company on 24 September 2019 and renamed エセックス古河マグネットワイヤジャパン㈱ on 16 November of the same year. The Company contributed in kind to Essex Furukawa Magnet Wire LLC, a joint venture with Superior Essex Holding Corp. (ownership ratio: FEMA 39% / SPSX 61%), all shares issued by EFMJ㈱, all shares issued by FE Magnet Wire (Malaysia) Sdn. Bhd., another wholly owned subsidiary, and all shares held by the Company in Essex Furukawa Magnet Wire Europe GmbH.」
We reconfirmed that the transfer of the magnet wire and polyimide tube businesses to the joint venture, announced in FY2020-Q2, was completed on 1 October 2020. - FY2021-Q2AchievedAnnual report
「On 1 October 2020, we transferred, through an absorption-type company split, the development, manufacture and sale of heavy-gauge magnet wire and polyimide tubes, hereinafter "PIT," conducted by the company and its wholly owned subsidiary 古河マグネットワイヤ㈱ to EFMJ㈱, a wholly owned subsidiary established by us on 24 September 2019 and renamed Essex Furukawa Magnet Wire Japan Co., Ltd. on 16 November of the same year. We contributed in kind all shares issued by EFMJ㈱, all shares issued by our wholly owned subsidiary FE Magnet Wire (Malaysia) Sdn. Bhd., and all shares held by us out of the total issued shares of Essex Furukawa Magnet Wire Europe GmbH to Essex Furukawa Magnet Wire LLC, a joint venture with Superior Essex Holding Corp., with an ownership ratio of FEMA 39% / SPSX 61%.」
On 1 October 2020, we completed the company split for the heavy-gauge magnet wire and polyimide tube businesses and the in-kind contribution to the joint venture, completing the transfer plan reported through the previous quarter. - FY2020RestatedAnnual report
「We also decided to establish a joint venture with Superior Essex Inc., the world's largest magnet wire manufacturer, integrate part of our Group's magnet wire business with its magnet wire business, establish a supply system primarily for magnet wire used in electric vehicles, and expand sales globally.」
We reconfirmed the plan to transfer the magnet wire business to the joint venture with Superior Essex on 1 October 2020. - FY2020-Q2First statedAnnual report
「At a Board of Directors meeting held on 26 September 2019, we resolved to transfer, through an absorption-type company split, the development, manufacture and sale of heavy-gauge magnet wire and polyimide tubes conducted by the company and its wholly owned subsidiary 古河マグネットワイヤ株式会社 to a newly established wholly owned subsidiary. We also resolved to transfer all shares issued by our wholly owned subsidiary FE Magnet Wire(Malaysia) Sdn.Bhd. and all shares held by us out of the total issued shares of Essex Furukawa Magnet Wire Europe GmbH to Essex Furukawa Magnet Wire LLC, a joint venture with Superior Essex Holding Corp., via our wholly owned subsidiary Furukawa Electric Magnet Wire America, Inc. We entered into a basic agreement with Superior Essex Holding Corp. on 27 September 2019.」
We decided to transfer the Japanese heavy-gauge magnet wire and polyimide tube business to a new company through an absorption-type company split, and then transfer it, together with all shares in the Malaysian subsidiary and the shares held in the European subsidiary, to a joint venture with Superior Essex. The definitive agreement was scheduled for November 2019 and closing for 1 April 2020. Following completion, the planned ownership ratio of the joint venture was FEMA 39% and SPSX 61%. The business generated net sales of ¥27.852 billion for the fiscal year ended March 2019.