Raychem and Essex Group Form Joint Venture to Supply High-Performance Wire to Auto Industry.MENLO PARK Menlo Park. 1 Residential city (1990 pop. 28,040), San Mateo co., W Calif.; inc. 1874. Electronic equipment and aerospace products are manufactured in the city. Menlo College and a Stanford Univ. research institute are there. 2 Uninc. , Calif.--(BUSINESS WIRE)--Oct. 31, 1996--Raychem Corporation and Essex Group, Inc. today announced the formation of a joint venture that will manufacture and supply thin-wall, high-temperature wire to North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. auto makers and their suppliers worldwide. Under the agreement, the wire will be marketed through Raychem sales channels and manufactured in Essex' high-volume production facility in Lafayette, Indiana Lafayette (IPA: [ˈlɑ.fəˌjɛt]) is a city in Tippecanoe County, Indiana, U.S., 63 miles (101 km) northwest of Indianapolis. . The thin-wall wire meets automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. needs for a cost-competitive, lightweight, abrasion- and fluid-resistant product that withstands under-hood temperatures of up to 150 degrees C. It accommodates industry needs for space-savings wiring harness systems in automobiles with higher electrical and electronic content, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. both companies. "This joint venture combines Raychem's expertise in insulation materials with Essex' high-volume copper and wire processing capabilities to supply the new wire needed for today's electronically sophisticated automobiles," said Peter Carson, vice president of Raychem's automotive business unit. "It gives both companies the opportunity to accelerate their growth in the automotive industry." "This is a great match up of the complementary strengths of Essex and Raychem. We will produce a new electrical and electronic distribution system wire that will enable our automotive customers to enhance vehicle safety, performance and comfort," said Bob Faucher, executive vice president of corporate development for Essex Group, Inc. Up to now, auto manufacturers have had to use conventional crosslinked polyethylene wire for applications requiring 125 degrees C protection and costly fluoropolymer A fluoropolymer is a polymer that contains atoms of fluorine. It is characterized by a high resistance to solvents, acids, and bases. Fluoropolymers were discovered serendipitously in 1938 by Dr. Roy J. Plunkett. insulations to survive higher temperature environments. The high-temperature, thin-wall wire to be supplied by the new joint venture offers significant performance benefits at a much lower cost than fluoropolymer systems. Raychem and Essex Group will operate the joint venture as a limited liability company. They will share equally in the investment and initial earnings of the joint venture. Initial start-up costs for setting up a dedicated manufacturing line at the Essex facility in Lafayette, Indiana, will be low and meaningful revenues are not expected for at least a year, according to both companies. -0- Raychem Corporation of Menlo Park, California Menlo Park is a city in San Mateo County, California in the United States of America. It is located at latitude 37°29' North, longitude 122°9' East. Menlo Park had 30,785 inhabitants as of the 2000 U.S. Census. , is an international company with approximately 8,500 employees in more than 40 countries and sales of $1.7 billion in fiscal 1996. The company utilizes its expertise in materials science materials science Study of the properties of solid materials and how those properties are determined by the material's composition and structure, both macroscopic and microscopic. , product design and process engineering to develop, manufacture and market high-performance products for electronics, industrial and telecommunications applications. More information on Raychem Corporation is available on the internet at http://www.raychem.com Essex Group, Inc. is one of the world's largest producers of electrical wire and cable products and is included in the Fortune 1,000 list of industrial and service companies and the Forbes 500 list of privately-held companies. Essex sales in 1995 exceeded $1.2 billion. The company's business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets , supported by 28 manufacturing facilities in 16 states, produce a broad product line that includes magnet wire Magnet wire is a copper or aluminum wire covered with thin insulation. It is used in the construction of transformers, inductors, motors, and electromagnets, among other applications. However, it is not magnetic itself. , building wire, automotive wire, appliance wire, industrial wire, electronic wire, specialty wiring assemblies, communications wire and electrical insulation materials. More information on Essex Group, Inc. is available on the internet at http://www.essexgroup.com CONTACT: Raychem Corporation Spencer Sias, 415/361-7840 or Essex Group, Inc. Tom Castaldi, 219/461-4389 |
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