Volex plc, a British power cord and harness assembler, and Nexen Tech Corp., a South Korean manufacturer of automotive harnesses and connectors, have entered into a strategic partnership to tackle the electric vehicle market.
The agreement between the two companies is designed to set up a cooperative channel for securing the technological capabilities and developing a sales network to enter the global market, building a structure that will lead to sales increases by strengthening existing businesses.
Volex, founded in U.K., has 123 years of history as one of the world’s largest manufacturers of premium power cord and cable harness assemblies since 1894. The company has been highly regarded in the industry by providing high-quality optic cable solutions through partnerships with IT- and EV-related companies.
Since its founding in 1994, Nexen Tech has been a key supplier of automotive wiring harness to the Korean automotive industry, and is known for its expertise and distinctiveness within the industry through technical cooperation and joint development agreements with a global automaker, says the company.
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.
“The partnership with Volex is expected to reinforce our technology line-up and maximize sales,” said Jeonghun Kim, CEO of Nexen Tech. “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.”