Axalta Coating Systems, a leading global supplier of liquid and powder coatings, announced today that it has made a binding offer to acquire the European and Chinese operations of IVA, one of the world’s leading wire enamel manufacturers, from its parent company Superior Essex.
IVA, which has been in operation since the late 1930’s, develops and produces the latest innovations in wire enamels used to insulate electrical equipment and components. IVA is well known for its broad portfolio of high performance, high quality wire enamels including top coats and self-bonding products. These include state-of-the-art insulating technologies used in the manufacture of e-mobility technology, renewable energy applications, medical equipment, household appliances, and industrial and automotive applications, among others.
“We look forward to welcoming IVA into Axalta,” said Michael Glomp, Axalta’s Global Vice President, Energy Solutions. “IVA’s single-minded focus on continuous innovation, quality and customer fulfillment is well aligned with Axalta’s values, and we look forward to offering our customers enhanced insulating enamel solutions at the cutting edge of magnet and electrical wiring technology.”
“The sale of IVA France and IVA China will allow Superior Essex to focus on its core competencies, while creating an opportunity for IVA to further enhance its enamel solutions and offerings in partnership with Axalta,” said Brian Kim, CEO, Superior Essex. “We are excited to see all that this partnership will bring to the marketplace.”
The transaction includes IVA manufacturing sites in Meyzieu, France and Changzhou, China, which is operated through a joint venture with a local minority partner.
The transaction is expected to be completed in late 2017 or early 2018, subject to clearance by applicable regulatory authorities, consultation with IVA’s French employee works council and other customary closing conditions. Financial terms were not disclosed.
Source: Axalta Coating Systems
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