REG - Volex PLC - EV Contract Win

VolexAnnouncement

27/04/2023 07:00

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RNS Number : 6121X  Volex PLC  27 April 2023

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                             +44 (0)7747 488785

 Nat Rothschild, Executive Chairman    investor.relations@volex.com (mailto:investor.relations@volex.com)

 Jon Boaden, Chief Financial Officer

 

 Singer Capital Markets - Nominated Adviser & Joint Broker      +44 (0)20 7496 3000

 Shaun Dobson

 George Tzimas

 

 HSBC Bank plc - Joint Broker  +44 (0)20 7991 8888

 Simon Alexander

 Joe Weaving

 

 Powerscourt - Media Enquiries  +44 (0)20 7250 1446

 James White

 Nicholas Johnson

 

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