Volex and Nexen Tech enter into strategic partnership
Volex plc, a British power cord and harness assembler, and Nexen Tech Corporation, a South Korean manufacturer of automotive harnesses and connectors, have entered into a strategic partnership to tackle the electric vehicle (EV) market. The agreement between the companies is designed to set up the cooperative channel required for securing the technological capabilities and developing the sales network to enter the global market simultaneously, and to build a structure that will lead to an increase in sales by strengthening their existing businesses. Daren Morris, CFO of Volex, will join Nexen Tech as an internal director.
Nathaniel Rothschild, CEO of Volex, stated, "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."
In their joint strategy, both companies will take advantage of their global networks to build more efficient systems, which will in turn reduce production costs. In particular, Nexen Tech introduced Jean-Pierre Raffarin, Chairman of Committee on Foreign Relations, Defense and Armed Forces of France and former French Prime Minister, as an internal director last month.
Jeonghun Kim, CEO of Nexen Tech, said, "The partnership with Volex is expected to reinforce our technology line-up and maximize sales." He added, "Working together with Volex, which has a strong global network, we will become a global leader in the market of electric vehicle, one of the major industries in the fourth industrial revolution."