Volex PLC EV Contract Win (6121X)

TIDMVLX

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 
       Jon Boaden, Chief Financial Officer 
 
 
      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

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END

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April 27, 2023 02:00 ET (06:00 GMT)

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