Last checked at 27 Apr 2023 07:00
Volex plc
("Volex", the "Group", or the "Company")
$30 million EV power product contract and launch of
EV power product manufacturing in Mexico
Volex (AIM: VLX), the specialist integrated manufacturer of critical power and data transmission products, is pleased to announce it has secured a major new contract win with a leading, global North American-based automotive manufacturer to supply advanced Electric Vehicle ("EV") power products from its manufacturing facility in Tijuana, Mexico.
The annualised revenues arising from this contract are expected to exceed $30 million, with full production anticipated to commence during the 2024 calendar year.
This contract win follows Volex's decision to invest in doubling the capacity of its Tijuana site, supporting customers who want to simplify their supply chains and secure reliable manufacturing services closer to their production locations. With this contract win, Mexico becomes Volex's fourth site involved in the manufacture of EV products.
The Group continues to invest in these sites and across its entire global footprint, including significant new capacity in India, Poland and Indonesia, expanding production capabilities in order to support increased demand from customers looking for more localised supply chain partners.
Nat Rothschild, Executive Chairman, said: "As a trusted manufacturing partner for many of the world's leading EV brands, this latest contract win is yet another endorsement of Volex's positioning within the EV charging sector. In addition, we have successfully expanded beyond Mode 2 EV charging cables (or "grid cords") onto specialised "on car" connectors, complex high voltage assemblies and wire harnesses for use inside the vehicle, increasing our total sales opportunities in the EV market. As we continue securing opportunities across our global production footprint, this new contract demonstrates that Volex is the preferred choice for customers who want to localise their manufacturing footprint to enhance resilience in their supply chains."
-ENDS-
For further information please contact:
Volex plc Nat Rothschild, Executive Chairman Jon Boaden, Chief Financial Officer | +44 (0)7747 488785 investor.relations@volex.com |
Singer Capital Markets - Nominated Adviser & Joint Broker Shaun Dobson George Tzimas | +44 (0)20 7496 3000 |
HSBC Bank plc - Joint Broker Simon Alexander Joe Weaving | +44 (0)20 7991 8888 |
Powerscourt - Media Enquiries James White Nicholas Johnson
| +44 (0)20 7250 1446 |