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.