South Korea’s LS Cable & System (LS C&S) will supply submarine cables worth approximately $85 million to the Taiwan Power Company (TPC) for a wind farm to be built off the west coast of Taiwan.
A press release said that the order is from Foxwell Energy, an energy enterprise based in Taiwan and the builder of the upcoming construction project. Taiwan will complete a 5.5 GW wind farm as the first offshore wind farm construction project by 2025, and develop an additional 15 GW wind farm by 2023. To produce 1 GW of electric power, a nation needs to build about 20 nuclear power plants.
By winning this contract, LS C&S won the right to supply ultra-high-voltage submarine cables for all eight sub-projects in the first offshore wind farm construction project in Taiwan. The total contract amount so far has reached about 900 billion won (US$697 million).
Per an article in BusinessKorea, an LS C&S official said that the size of additional submarine cable orders to be placed, starting this year, is expected to reach about 2 trillion won ($1.5 billion). “Based on our overwhelming submarine cable manufacturing capabilities and experience, we are seeking to expand our business through cooperation and market development with KT Submarine.”
LS C&S recently acquired a stake in KT Submarine, a company specializing in installing submarine cables, to strengthen its capabilities. LS C&S has also further strengthened its cooperation with other global offshore wind business operators such as Ørsted and CIP based in Denmark, Jan De Nul based in Belgium, and WPD based in Germany through their respective projects as it continues to accelerate its expansion in the European and North American markets.
Elektrisola announced that it has acquired Rea’s North American magnet wire assets, including its five manufacturing plants in Indiana, Connecticut, Virginia and Mexico as well as its leased corporate offices in Fort Wayne, Indiana.
A press release said that Elektrisola plans to continue operating the business under the well-known brand of Rea Magnet Wire, and will continue to employ the current employees. “Rea is a great addition to complement our magnet wire activities in North America and to continue the successful growth of the Elektrisola Group,” said Elektrisola Managing Owner Detlef Schildbach.
“When you assess our complementary strengths, Rea and Elektrisola are a perfect match,” said Jim Shea, a former major shareholder of Rea Magnet Wire. “Customers will directly benefit from our combined operational excellence and technological expertise in systems and products.”
Elektrisola notes that the company is the world’s largest manufacturer of enameled copper wire finer than 0.15 mm. Founded in 1948 in Germany, Elektrisola currently has 14 plants in seven countries with approximately 4,000 employees.
Rea Magnet Wire Company, the largest privately held magnet wire company in the world serving the motor, generator and transformer industries, was founded in 1933 in Fort Wayne, Indiana. It supplies a diverse selection of alloys and tempers. Its five plants in North America have approximately 800 employees.
Stamford-based private equity firm Olympus Partners has agreed to acquire the International Wire Group (IWG) from its parent company, Atlas Holdings, in a deal reported to be valued at more than $900 million.
“When we acquired IWG, we partnered with (IWG CEO and President) Greg Smith to transform and grow the business. In the four years since, we have seen IWG cement its industry-leading position and create a unique platform for continued growth,” Atlas Partner Neil Mahajan said in a written statement. “We are looking forward to continuing to support the company in this new chapter with Olympus Partners.”
“The company has been built up over time and needs more capital to grow as it gets to the next stage,” Olympus Partners CEO and Chairman Rob Morris said of his firm’s agreement to acquire International Wire Group Holdings. “That’s the role we’re here to play.”
IWG, headquartered in Camden, New York, is the largest U.S. non-vertically integrated copper and copper-alloy wire products manufacturer in the United States. Its product line includes single-end wire and copper wire on bobbins, stranded conductors, metal and textile braided products, and flat wire as well as over braiding services for copper wires. Worldwide, IWG has 19 manufacturing facilities and a distribution facility in its business units. Those include its Bare Wire Division, which includes Continental Cordage and High Performance Conductors; Owl Wire; and International Wire Europe, which has five factories operated by Italtrecce (Italy), Tresse Métallique J.Forissier (France), and International Wire Polska (Poland).
Atlas, which acquired IWG in April 2019, will continue as an investor in the company, following the expected closing of the deal in the second quarter of this year. Atlas and its affiliates own and operate 26 companies. Olympus CEO and Chairman Rob Morris has said that he sees much potential for IWG as its product lines serve growing markets such as electric vehicles, electric charging stations, airplanes and data centers. “The company has been built up over time and needs more capital to grow as it gets to the next stage. That’s the role we’re here to play.”
IWG President and CEO Gregory Smith said that he greatly appreciated the growth that was made possible by Atlas, and the next stage. “I’m looking forward to continuing to serve our long-standing customers and continuing our growth with our new partners at Olympus.”
NKT has been awarded a supply contract for the delivery of the high-voltage DC on- and offshore export cable system to the Hornsea 3 project which is being developed by Ørsted.
A press release said that the order calls for the design, manufacturing, jointing and termination of the export power cable system for Hornsea 3. It will include two circuits with a route length of approximately 170 km of 320 kV DC offshore cable and 50 km of 320 kV DC onshore cable as well as four circuits for a 1.5 km route of 400 kV AC onshore cable. The DC system will connect the wind turbines with the substation while the AC cables will connect the substation to the national grid. The final order has an estimated value of €500 million.
NKT notes that, last year, the company completed its role as supplier for Hornsea 2. Subject to Ørsted taking a final investment decision, Hornsea 3 will be located in the North Sea, approximately 160 km off the Yorkshire coast. When Hornsea 3 comes online, the combined capacity of Hornsea 1, 2 and 3 will be in excess of 5 GW, making it one of the world’s largest offshore wind zones and capable of covering the power consumption of approximately five million U.K. homes.
NKT will produce the power cables at its high-voltage factory in Karlskrona, Sweden. The project is scheduled to be completed in 2027.
Leoni AG has reached an agreement with lenders, bondholders and a strategic investor on a financial-restructuring plan that will result in the business having a firmer financial base through a series of steps being taken.
Per multiple media accounts, Leoni said that it will receive a liquidity injection of €150 million and be relieved of €708 million in debts as part of the financial restructuring. The company will no longer be publicly traded. A company to be established by Austrian investor Stefan Pierer will become Leoni’s sole shareholder The official release said that the deal does not affect Leoni’s subsidiaries, suppliers, customers and employees. The financial restructuring concept will, as a result, substantially reduce Leoni’s debt, provide it with fresh liquidity and secure its financing for the coming years..
Pierer, a billionaire, is CEO of Pierer Mobility, a leading motorcycle manufacturer based in Austria. He founded the Cross holding group (now Pierer Industrie) in 1987, and is still its majority shareholder as well as a member of the supervisory board of SHW AG, an auto parts company.
Rinnerberger has many years of management experience in the automotive industry, combined with extensive re-structuring expertise. For example, he helped to shape the growth of the Magna Group over a period of years—consistently in board functions (CFO, CRO, CEO)—and successfully restructured the automotive suppliers Polytec AG and Peguform (now SMP). Rinnerberger has been a member of the Executive Board of Pierer Industrie AG since 2010. The native Austrian has been a member of the Supervisory Board of Leoni AG since May 2021 and was elected its chairman in May 2022.
Leoni’s Supervisory Board Chairman Klaus Rinnerberger will become its new chief executive following merger control clearance, the company said. He succeeds Aldo Kamper, whose contract ended on March 31. “I am looking forward to doing my part in further driving the advanced restructuring - with the collective goal of a sustainably stabilized Leoni firmly in sight,” he said.
The company said that while it has now secured the necessary support for the restructuring, implementation remains subject to clearance of merger controls and other customary approvals.
ABB announced that it plans to invest $40 million to build a new manufacturing facility on the company’s existing campus in Albuquerque, New Mexico.
Per a report in the Albuquerque Journal, the new site is being built on a 40-acre site near the existing ABB plant that has some 450 employees. The new plant will add 55 more jobs when it is up and running in 2024.
Ralph Donati, executive vice president and general manager for ABB’s Installation Products Division in the U.S. and Latin America, said that the project was ambitious. “We’re not just expanding, but upgrading our manufacturing capacity in Albuquerque,” Donati told the Albuquerque Journal. “The new plant will be a greenfield facility with the latest technology in processing, machine manufacturing and robotics to make it a factory for the future.”
The new plant will double ABB’s local production capacity of cable products used by electric utilities, which is the primary ABB product made in Albuquerque, Donati said.
Nexans has been chosen by Swissgrid to supply and bury 30 km of Very-High-Voltage (VHV) underground cables to replace overhead power lines along the southern side of the Geneva-Cointrin airport in Switzerland.
A press release said that Swissgrid, the national company in charge of Switzerland’s electricity transmission grid, chose Nexans for the project that will see the 220 kV underground cables replace the existing overhead power lines between the electrical stations of Foretaille and Renfil. The €25 million turnkey contract also calls for it to install two 144-strand fiber optic links and embed a temperature monitoring feature in the cable system.
The Swissgrid project is part of the “Axe Stratégique Réseau” development programs in the canton of Geneva and the Federal Roads Office’s “Redevelopment of the Grand-Saconnex motorway junction.” The overhead power line burial project was described as being exceptional due to its complex nature, both technically and organizationally. Nexans will be in charge of certain engineering services, including taking down and replacing the existing gas-insulated extra high voltage link (GIL).
“We welcome the opportunity to continue our work with Swissgrid on this ambitious and prestigious project, relying on the many and varied skills of the Nexans teams, from engineering to civil works, but also including the production and installation of very high voltage networks,” said Nexans Switzerland CEO Marco Spinelli.
The release said that Nexans has been active in such complex very-high-voltage cable projects in Switzerland before, including the connection of the Nant de Drance (2018), the Linth-Limmern (2016) pumped storage power plants to the national grid, and the underground cable connection of La Bâtiaz – Le Verney (2022).
CommScope announced that it is expanding its fiber-optic cable production to help feed an accelerated rollout of broadband Internet in the U.S.
A press release said that the capacity expansion at two production facilities in North Carolina—projected to cost $47 million—will increase employment by at least 250 jobs over five years. The capital expenditures include new lines of production for its HeliARC cable, a smaller and lighter-weight cable optimized for rural deployment and allowing for faster installation at lower cost.
“This increase in fiber-optic cable production is a great step forward for our ‘Broadband for Everyone’ program, furthering our commitment to serve the fiber optic cable market,” said CEO/President Chuck Treadway. “We will produce more cost-effective and easier-to-deploy fiber-optic cable, add new jobs and simultaneously strengthen the supply chain in America.”
Teknor Apex has bought Nu-Pro Polymers, a manufacturer and supplier of reprocessed and recycled flexible PVC pellet compounds that seeks to convert PWVC waste streams into products that perform for customers.
A press release said that Nu-Pro, based in Wheeling, Illinois, works with clean post-industrial (PIR) streams and converts them into new PVC compounds which perform equivalently to prime compounds. Nu-Pro specializes in clear, natural and black reprocessed compounds in a range of durometers. Per company’s co-owner Don Brown, the flexible, reprocessed and recycled PVC compounds incorporate up to 90% post-industrial recycled content.
Under the acquisition, Nu-Pro will continue to produce products for Teknor Apex at this time, under the Cycle-Tek brand as a subsidiary of Teknor Apex. “We are very excited about this acquisition that will further enable us to develop innovative compounds that meet the performance and sustainability requirements of our customers,” said Teknor Apex Executive Vice President Lou Cappucci.
“The acquisition of the Nu-Pro business is another step in ensuring vinyl continues to be a sustainable option in the plastics manufacturing market,” said Sunny Mahajan, Sr., technical manager, Teknor Apex, and business manager, Cycle-Tek. Based in Pawtucket, Rhode Island, Teknor operates 14 manufacturing facilities worldwide.
IEWC reports that it has added a new distribution center to support its growing customer base in Southeast Asia.
A press release said that the new facility, located in the east region of Singapore, adds nearly 20,000 sq ft of warehouse and office space to IEWC’s footprint within Asia. “Singapore was a logical choice for IEWC’s next expansion,” said Michelle Osman, IEWC president & Chief Business Officer, Global OEM Group. “Our customers continue to grow and invest in Southeast Asia, and we’re responding by placing our service closer to where our customers are. We are excited to bring even higher service levels to our customers in Southeast Asia and beyond.”
Adding to the existing distribution centers in Hong Kong and Suzhou, IEWC’s new Singapore facility will support growing demand across Asia, providing faster service to customers in several areas experiencing significant industrial growth, including Singapore, Malaysia, Thailand, Indonesia, Philippines, and Vietnam. With the addition of the Singapore distribution center, IEWC continues to build out its global reach, joining facilities currently located across North America, Europe and Asia.
IEWC is a global distributor of wire and cable products, manufacturer of custom fiber assemblies, and provider of value-add solutions that advance a connected world. It has nearly 30 locations in seven countries, serving customers in almost 100 countries.
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