LS Cable Ltd., Seoul, South Korea, is buying Superior Essex, Atlanta, for about $900 million in cash.
The combined company would have consolidated 2007 revenue of $12.8 billion and become the third-largest wire and cable manufacturing company in the world, the companies said.
LS Cable has 6,100 employees and more than 25 manufacturing sites located in 12 countries, with operations on three continents. LS Cable provides a range of energy and telecom cable solutions as well as electronic components and industrial machinery for the energy infrastructure, construction, automotive, railway, telecommunication and electronics industries.
LS Cable has a strong presence in power cable and communications cable, while Superior Essex is one of the world's largest producers of magnet wire and a leader in the North American communications cable market. LS Cable has an extensive footprint in Asia and the Middle East, which will be complemented by the operations of Superior Essex in North America, Europe and China, the companies said.
Superior Essex has 4,400 employees and 26 manufacturing facilities in the United States and around the world. Over the years, Superior Essex acquired many familiar wire and cable brands, including American Moulding, Laribee, Triangle, Royal Electric and Westwire.
Superior Essex will continue to operate under its current name as a wholly-owned subsidiary of LS Cable. Superior Essex will maintain its headquarters in Atlanta and its manufacturing and distribution facilities in the United States, Canada, China, France, Germany, Italy, Mexico, Portugal and the United Kingdom.