SuperPower In Schenectady Acquired By Japan-based Furukawa

By The Business Review (Albany)

SuperPower Inc. in Schenectady, New York, has been purchased by Furukawa Electric Co., headquartered in Tokyo, Japan.

Details of the deal were not immediately available. Furakawa has not filed information with the Tokyo Stock Exchange yet regarding costs and other specifics about the acquisition.

SuperPower, which develops superconducting wire technology for electric utilities, employs 60 people in Schenectady. Its research and development is conducted at the University of Houston.

Trudy Lehner, SuperPowerâ¿¿s spokeswoman, said the sale is not expected to affect the companyâ¿¿s existing staffing in Schenectady or the management structure.

Furukawa develops products for the power, automotive, construction, electronics and telecommunications industries. It is a public company that trades on the Tokyo Stock Exchange under the code 5801.

Part of Furukawa Electricâ¿¿s global growth plans include expanding SuperPowerâ¿¿s technologyâ¿¿used now to develop high-temperature superconducting wire technology for the electric gridâ¿¿into industrial, alternative energy and other related sectors, Furukawa said in a statement released today to its investors.

Furukawa expects SuperPowerâ¿¿s revenue is to rise to $100 million by 2016, the company said. SuperPower currently does not release revenue figures.

SuperPower was previously a division of Intermagnetics General Corp., a Latham company that makes magnets for MRI machines. Intermagnetics was acquired by Royal Philips Electronics for $1.3 billion in 2006.

Furukawa, with 39,352 employees worldwide, generated $11 billion in revenue through third-quarter 2011.

Related:

SuperPower develops first kilometer-long superconducting cable

SuperPower, searching for buyer, is 'quiet' about ongoing discussions

Copyright 2011 American City Business Journals

http://www.bizjournals.com/albany/news/2011/10/17/superpower-in-schenectady-acquired-by.html?ana=thestreet

Copyright bizjournals.com 2010

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