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Volex and South Korea-Based Nexen Tech Enter Into a Strategic Partnership to Tackle EV Market

2017-08-11 00:59
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  • Daren Morris, CFO of Volex, will join Nexen Tech as an internal director
  • Both firms expect to take bold actions in the electric vehicle market through joint technology development including electric car and cloud service as well as exchanges of key manpower 

SEOUL, South Korea, Aug. 11, 2017 /PRNewswire/ -- Volex plc, a British power cord and harness assembler and Nexen Tech Corporation (KOSDAQ: 073070.KQ), a leading South Korean manufacturer of automotive harnesses and connectors, have entered into a strategic partnership to tackle the electric vehicle market in earnest.

The agreement between the two companies is designed to set up a substantial cooperative channel required for securing the technological capabilities and developing sales network to enter the global market at the same time, building a structure that will lead to sales increase by strengthening their existing businesses.

Volex, founded in UK, which has enjoyed 123 years of a long and successful history as one of the world's largest manufacturers of premium power cord and cable harness assemblies since 1894, has been highly regarded in the relevant industry by providing high quality optic cable solutions through partnership with IT and EV related companies.

Since its foundation in 1994, Nexen Tech which has been a key supplier of automotive wiring harness to the Korean automotive industry, is known to have been equipped with expertise and distinctiveness within the industry through technical cooperation and joint development agreement with a global automaker.

Nathaniel Rothschild, CEO of Volex, commented, "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", and 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."

CONTACT:

Kim Sun Hyung
Office: 11F, 441 Teheran-ro, Gangam-gu, Seoul
Cell: 070-4217-1832
Email:
seonhyungkim92@gmail.com 

View original content:http://www.prnewswire.com/news-releases/volex-and-south-korea-based-nexen-tech-enter-into-a-strategic-partnership-to-tackle-ev-market-300502804.html

Source: Nexen Tech

Related stocks: Korea:073070

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