Last checked at 10 Aug 2017 07:30
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 Daren Morris, Group CFO & Company Secretary
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+65 6788 7833 +44 208 017 3232 |
Nexen Tech Corporation Jeonghun Kim, CEO
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+82 52 259 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.