Furukawa Electric completes acquisition of SuperPower Inc. from the Philips group

Furukawa Electric today announced that it has completed the acquisition of the N.Y. - based second generation high temperature superconductivity wire manufacturer, SuperPower Inc. from the Philips group on Friday, February 3, 2012.

Through this acquisition, Furukawa Electric welcomes to its group one of the only two companies in the world with the capability for commercial production of 2G HTS wire today.

Furukawa Electric plans to aggressively grow both its and SuperPower's business in the markets of the globally-expanding smart grid, alternative energy and industrial sectors by providing superconducting wire as well as developing applied superconductor devices.

Overview of SuperPower Inc.

Headquarters – Schenectady, New York, U.S.A.

President – Yusei Shirasaka

Number of employees – 58

Business description – Development, manufacture and sales of 2G HTS wire