wiredInUSA November 2019

Companies drawn together

Cable venture under consideration

Photo by Alina Grubnyak on Unsplash

Image: Riyadh Cables

Saudi cable producer Riyadh Cables Group Company (RCGC) is considering expanding its footprint in Bangladesh. RCGC is a worldwide exporter of electricity cables and is believed to be the fourth largest electric cable producer in the world. During a meeting between engineer Moaaz Ali Younes, business development manager at RCGC, and Bassam Maes, the marketing director, with officials from the Bangladesh Investment Development Authority (BIDA), the RCGC delegation expressed an interest in investing in the overhead electricity cable sector. “We had a successful discussion with the RCGC, although it is still at a primary level. We have briefed them about all the benefits for the foreign investors ensured by the Bangladesh government,” said the director of BIDA, Mohammad Ariful Hoque. Mr Hoque said that after returning to Saudi Arabia the RCGC will move forward with the investment proposal and submit the final plan to the Bangladesh embassy in Saudi Arabia.

Furukawa Electric Co Ltd (Furukawa) and Superior Essex Inc, the parent company of Essex Magnet Wire, have approved the framework of a new joint venture. The joint venture will expand upon a previous magnet wire partnership between the two companies, and will see the two combine their magnet wire business operations to create a potential market leader. The combined company will operate as Essex Furukawa Magnet Wire, LLC, and will use the Essex Furukawa brand. “Today is an exciting day, not only due to the announcement of the Essex Furukawa deal, but also as it marks the creation of a technological powerhouse in the magnet wire industry that can service many of the leading enterprises,” said Brian Kim, CEO of Superior Essex.

wiredInUSA November 2019

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