- In June 2024, Sumitomo Electric acquired a majority stake in German cable manufacturer Südkabelto support two major HVDC projects with Amprion, advancing Germany's energy transition. This acquisition boosts Sumitomo Electric’s European presence and production capabilities, particularlyin high-voltage cables. By leveraging this expertise, the company can indirectly strengthen its automotive magnet wire production, which plays a crucial role in electric vehicle systems, aligning with the growing demand for sustainable energy and automotive solutions
- In January 2024, Hitachi Metals has rebranded as Proterial, Ltd. following its acquisition by Bain Capital, and is proposing its NMF 15 ferrite magnets as a potential alternative to neodymium magnets in electric vehicle (EV) traction motors, aiming to reduce reliance on rare earth elements. This development positions Proterial to offer more sustainable solutions for EV motors by integrating their ferrite magnets, potentially reducing resource risks and costs while expanding their product offerings in the automotive magnet wire market
- In May 2023, Essex Furukawa announced a USD 60 million investment to establish a new manufacturing facility dedicated to producing magnet wire for electric and hybrid vehicles. This strategic expansion is expected to significantly strengthen the company’s production capacity and position in the automotive segment, enabling it to meet the accelerating demand for magnet wire driven by global EV adoption
- In February 2022, LWW Group consolidated its magnet wire operations under the new Dahren brand, integrating Dahrentrad AB, Dahren Poland, and LWW Slaska. This brand unification is aimed at enhancing operational efficiency and expanding its product offerings across winding wire categories. The move is set to improve the group's competitiveness and service capabilities for automotive applications across Europe
- In October 2020, Furukawa Electric Co. Ltd and Superior Essex Holding Corp formed Essex Furukawa Magnet Wire LLC, a global joint venture combining their heavy magnet wire and polyimide tube businesses. This collaboration has bolstered their global market presence and technological capabilities, enabling a more integrated supply chain to serve the growing needs of electric vehicle manufacturers and component suppliers worldwide.
