Axalta Coating Systems Makes Binding Offer to Acquire European and Chinese Operations of Wire Enamel Manufacturer
PHILADELPHIA – Axalta Coating Systems 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 1930s, 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 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.