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Rea and Viakable announce their intent to form a joint venture to provide the best overall value to magnet wire customers in North America
FORT WAYNE, Indiana and MONTERREY, Mexico (November 1, 2016) – The Rea Magnet Wire Company and Magnekon, a division of Viakable, today announced their intent to form a joint venture to serve magnet wire customers primarily in North America. Due to governmental filing requirements, this transaction is currently under regulatory review in Mexico.
The JV will combine the NAFTA assets of both companies, as well as leverage operational and supply chain synergies, and include an enamel manufacturing plant (Kemek). Rea will own majority interest in the JV. The JV will be named Rea Magnekon and be headquartered in Fort Wayne, Indiana. The JV will be governed by the strong family and international business cultures cultivated by Rea and Magnekon who represent over 100 years of combined magnet wire experience. “This agreement represents each organization’s strong commitment to provide customers with the best overall value in magnet wire and related wire products and will better enable us to meet the expressed needs of our North American customers,” said Scott Harrison, CEO/President of Rea Magnet Wire Company.
About Rea Magnet Wire Company
Rea is a global wire manufacturer serving the needs of motor, generator, transformer, automotive, and electromechanical customers. Rea has extensive operations in the U.S., Mexico, and China. The company was founded by Victor Rea in Fort Wayne, Indiana, in 1933, and established its first international joint venture in China in 2002. Rea has approximately 1,800 employees in North America and China. For more information, visit www.reawire.com.
Viakable’s magnet wire production line was launched in 1956 and later expanded in 1997 as Magnekon. The company today produces a broad variety of products with aluminum and copper conductors, including rectangular and square wire–bare, paper wrapped and coated. Utilizing the most advanced technology in the field, Magnekon offers innovative product solutions to meet the demanding needs of manufacturers of electrical motors, ballasts for fluorescent lamps and transformers, and compressors for refrigeration among other applications. For more information, visit www.viakable.com/magnekon.