Volex PLC Announcement of Strategic Partnership (5571N)
August 10 2017 - 1:30AM
UK Regulatory
TIDMVLX
RNS Number : 5571N
Volex PLC
10 August 2017
10 August 2017
Announcement of Strategic Partnership
Volex plc ("Volex"), one of the world's largest manufacturers of
premium power cord and cable harness assemblies and Nexen Tech
Corporation ("Nexen Tech"), a leading South Korean manufacturer of
automotive harnesses and connectors, have entered into a strategic
partnership.
Volex and Nexen Tech will work together to jointly expand their
product offering and customer reach in the high-growth electric
vehicle market. Both companies are providing solutions into this
market today and have complementary knowledge and experience. Volex
is strong in mains-voltage premium charging solutions and consumer
electronics internal harnesses and Nexen Tech is a proven supplier
of automotive harnesses including on-board battery charger and
cabin heating modules.
Nexen Tech will work with Volex's existing staff in Korea to
sell the Volex range of products into well-known Korean consumer
electronics companies in both the Korean domestic market and on a
global basis. Nexen Tech has a long operating history and domestic
presence in Korea, which will be invaluable in building
relationships and generating new opportunities with Korean
customers.
As part of the collaboration, Daren Morris Chief Financial
Officer of Volex, will join the board as a director of Nexen Tech,
which is listed on KOSDAQ, a market operated by the Korean
Exchange.
There is no information to be disclosed in accordance with LR
9.6.13 R.
Jeonghun Kim, CEO of Nexen Tech commented:
"Nexen Tech is looking forward to forging a strong partnership
with Volex, a company with a long and successful history as a
global leader in cable manufacturing. The management, board and
major shareholders of Nexen Tech look forward to supporting Volex
with Korean manufacturers as well as working together to create a
global presence in supplying the high growth Electric Vehicle
market."
Nat Rothschild, Executive Chairman of Volex, commented:
"In 2009, Volex sold its automotive harness division and this
partnership fills a gap in our product offering, and opens up
significant cross-selling opportunities. Nexen Tech is a dynamic
local player and will provide immediate support to our existing
Korea sales office."
Enquiries:
Volex plc
Nat Rothschild, Executive Chairman +65 6788 7833
Daren Morris, Group CFO & Company +44 208 017
Secretary 3232
Nexen Tech Corporation +82 52 259
Jeonghun Kim, CEO 8301
About Volex
For over 100 years, Volex has been providing customers in the
telecom, data-centre, industrial, consumer and medical sectors with
a variety of power cords, industry standard cable assemblies,
high-speed cable assemblies and connectors. With revenues of $320
million in the year ended 2 April 2017, and a global manufacturing
footprint, Volex remains one of the world's largest power cord and
harness assemblers (www.volex.com).
About Nexen Tech
Since its foundation in 1994, Nexen Tech (KOSDAQ 073070) has
been a key supplier of automotive wiring harnesses to the Korean
automotive industry. Nexen Tech started supplying the Electric
Vehicle (EV) market last year and was selected as a supplier for EV
battery wiring harnesses to Korea's largest, and one of the world's
largest, manufacturers of EV batteries.
This information is provided by RNS
The company news service from the London Stock Exchange
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