Share Price GBX 308.00
We are a leading manufacturer of integrated high-performance power and connectivity solutions for mission-critical applications.
Our purpose
Delivering best-in-class critical connections.
Our vision
To be a leading global supplier of diverse, high-quality solutions related to power and data connectivity, renowned for our adaptability and customer services and with customers, engineering and people at our core.
Our mission
To provide safe, sustainable and high-quality critical power and data connectivity-related solutions in our chosen markets. Enabling our customers to thrive in an era of rapid technological acceleration through our manufacturing excellence, global footprint and rigorous quality assurance.
26
Manufacturing sites
13,000
Employees
12
Acquisitions in the last seven years
11.0%
Average organic growth over the past 5 years
Our strategy is built on five key pillars, driving growth, profitability and cash generation. These pillars are the foundation of our journey to becoming a world-class manufacturing leader.
Product development
Exceptional quality is the foundation of our reputation. We work closely with customers from initial design to delivery, ensuring our products meet the highest standards and evolving industry demands.
Our process engineers engage early to address complex manufacturing challenges, while our R&D teams drive innovation – developing cutting-edge solutions for next-generation technologies. Increasingly, our products feature meticulously designed Volex components, reinforcing our commitment to excellence and market leadership.
Revenue growth
Customers are at the heart of everything we do. Their needs and expectations drive our operations, and strong, transparent communication ensures we deliver exceptional service even with ongoing supply chain challenges.
We take the time to understand our customers’ operations, recognising the need for responsiveness at every stage of their journey. By identifying opportunities to provide added value through enhanced solutions, we strengthen relationships, improve outcomes and drive business growth.
Operational excellence
Continuous improvement is an integral part of our culture, driving efficiency and excellence at every level. We relentlessly pursue process enhancements to optimise performance and create lasting value.
Our goal is to build a best-in-class organisation that leverages our global scale to maximise production efficiency and deliver substantial benefits to stakeholders. Senior leaders actively support local managers, empowering them to drive meaningful change across the business. This collaborative approach ensures we continually refine operations, strengthen our competitive edge and remain a leader in our industry.
Investment and acquisition
Our capital allocation strategy prioritises both organic investment and strategic acquisitions, ensuring sustained growth. With a strong balance sheet and reliable access to funding, we are well-positioned to invest continuously in our future.
Our agile acquisition approach is strengthened by Volex’s senior leadership network, while substantial organic investment opportunities within our operations promise attractive cash returns. Many of our capital investment programmes are designed to deliver cash payback within two years, reinforcing our commitment to financial strength and long-term value creation.
Remarkable talent
Our global teams are the backbone of our success – highly skilled, dedicated and driven to deliver exceptional value for our stakeholders.
Led by an experienced management team, they are united by clear goals and a shared purpose, reinforcing our culture and strengthening our operations.
Our leaders believe that Volex can only truly succeed through realising the potential of our people.
Executive Chairman
Chief Financial Officer
Senior Non-Executive Director
Non-Executive Director
Non-Executive Director
Non-Executive Director
Executive Chairman
Chief Operating Officer
Chief Financial Officer
Chief Operating Officer, China and VP, Global Procurement
Chief Operating Officer, APAC and VP, Power Products
Chief Operating Officer, Europe
Chief Operating Officer, North America
Chief Operating Officer, Türkiye
Corporate Governance
Volex is committed to the highest standards of corporate governance, ensuring transparency, ethics and efficiency across all operations.
Acquisitions
Acquiring excellent businesses for attractive valuations remains a fundamental component of our strategy.
Our selection criteria ensure acquisitions are aligned with our strategic goals.
At Volex, we believe that there is always room for improvement, and kaizen is what helps us get better and maintain competitive advantage. At Volex, every activity, every interaction, every production instruction is highly standardised. Yet, at the same time, our operations are highly flexible and responsive to customer demand.
The secret is simple: years of hard work, human ingenuity and continuous improvement. We always start with the basics: Customer – first! Everyone in the company knows: Volex is here to serve our customers.
To help us fulfil our mission, we choose to focus on our People and our Processes.
Our supervisors don’t just tell people what to do. They act as coaches and mentors, constantly striving to lead by example, looking for better ways to manage, learn and solve problems. This continuing process gives us increasingly deeper insights into our own work.
Stability of our processes is another key to our success. We work tirelessly to standardise our processes, setting baselines, benchmarking and then driving to the next level. We believe that there is always room for improvement and kaizen is what helps us helps get better and maintain competitive advantage.
For us, problems are opportunities. We never ask ‘who is wrong?’ – we always focus on ‘what is wrong’. The rule is: ‘first, look at the facts, then ask "why" until you get to the root cause’.
Every day we ask ourselves these questions:
Through diverse teams working collaboratively, learning and sharing insights across the organisation, we are able to drive our performance through a philosophy of constant kaizen and rigorous process standardisation.
The Volex Story and Acquisition Timeline
Click on the logos in the timeline to learn more about how our recent acquisitions are complementary additions to the Volex global manufacturing and service footprint.
A history of successful and margin-enhancing acquisitions
We have completed 12 acquisitions in the past six years, totalling an aggregate investment of just under $400 million.
In 2024, Volex opened its first factory in Türkiye with the establishment of a new factory in Sivas.
Operations also commenced in our second plant in Tijuana, dedicated to EV products, and Building 3 in our Batam plant was also opened with a VIP event held on Sunday 4 August. Volex's efforts to become a more sustainable business gained global recognition with Volex being included in the FT Europe's Climate Leaders Listing and Time Magazines – top 500 global companies in the Best Sustainable Growth category.
In 2023, Volex announced its Net Zero Ambitions committing to becoming net zero on its direct emissions by 2035.
A leading manufacturer of complex wire harnesses for the Off-Highway sector
Acquired by Volex in 2023, Murat Ticaret manufactures world-class electrical wiring harnesses and battery cables serving as a TIER 1 supplier to global automotive industry OEMs since 1969. Headquartered in Türkiye with manufacturing and assembly sites across the country, Murat Ticaret also has a manufacturing presence in Macedonia and Mexico.
Murat Ticaret features in-house production capabilities of essential components which result in manufacturing and end product cost savings. Combined with a commitment to quality, a fast response time to changes, expertise in technical requirements and assembly processes, and having a solution-driven culture across its loyal and dedicated workforce, provides Murat the advantage to be a preferred supplier over others in the market.
Visit Murat Ticaret’s website here to learn more about how they are an integral component to the Volex global manufacturing and service footprint.
Our Polish site relocated to Bydgoszcz. With our EV sales growing rapidly, we commenced a project to open a second factory in Tijuana, Baja California. Our Batam site in Indonesia continued its expansions with the construction commencing on a third building.
2023 also saw the completion of our largest acquisition to date. Effective 1 September, the Murat Ticaret wire harness business joined the Volex Group, increasing the business's scope and scale, and introducing a fifth market for us, Off-Highway and Specialist Automotive. As a result, we established a fifth region within our operating model for Türkiye.
Two acquisitions
RDS is a UK-based supplier of electronic displays, embedded and IOT solutions
Acquired by Volex in 2022, Review Display Systems (RDS) is a UK-based supplier of electronic displays, embedded and IOT solutions in a broad range of market sectors, including medical, military, industrial and smart buildings. RDS services the world’s leading manufacturers of LCD, TFT, EL, OLED, E-ink and character display technologies along with touchscreen solutions.
Integrated within GTK UK, RDS strengthens Volex’s design and engineering capabilities for customised electronic solutions. RDS is based in Westerham, UK and its 300m2 facility provides extensive in-house engineering expertise, bespoke designs and excellent customer service to OEM customers.
Visit the RDS website here to learn more about how they are an integral component of the Volex global manufacturing and service footprint.
High-volume PCB assembly based in India
A joint venture majority investment in 2022, InYantra Technologies provides complete end-to-end PCB assemblies and box-build Integration solutions to a diverse range of customers across the automotive, power electronics, military, consumer, medical, gaming, alternative energy, and other industrial markets. With over 20 years of experience, inYantra focuses on high mix (low to medium volume production) and new product development service, from NPI to volume manufacture on Print to Build basis.
inYantra has the expertise and capability to manufacture an extensive range of SMD & THD boards in its ISO 9001:2015 & IATF 16949 certified facility. Equipped to manufacture both RoHS and Non-RoHS compliant products, inYantra has also developed its competency in giving complete solutions to its clients, right from concept to prototyping, sampling and production.
Visit inYantra’s website here to learn more about how they are an integral component of the Volex global manufacturing and service footprint.
In 2022, Volex announced a 51% acquisition of Inyantra in Pune, India. Inyantra is a PCBA business. The acquisition also delivered 13 acres of industrial land to the Group. The Group also acquired Review Display System (RDS), a UK-based specialist in industrial displays and electronic systems, which joined our GTK UK business.
Four acquisitions
Specialists in mission-critical assemblies for defence
Acquired by Volex in 2021, Irvine Electronics, LLC specialises in turnkey assembly of printed circuit boards and complete box builds in its 50,000 sq ft ESD, FOD and environmental controlled facility. Founded in 1990, Irvine Electronics has over 30 years of industry experience and maintains deep relationships across a wide variety of blue-chip customers.
Irvine Electronics is certified ISO 13485 Medical Device Manufacturing, AS9100D Aerospace and ISO 9001 General Manufacturing servicing the defence, military aerospace, medical and commercial market sectors.
From full turnkey material management programs, and quick turn prototyping to full production capabilities, Irvine Electronics exceeds customer expectations with its quality, time to market and cost-effectiveness.
Prodamex brings an appliance wiring harness business, creating cross-sales opportunities.
Acquired by Volex in 2022, Prodamex specialises in the manufacturing of wire harness assemblies in its central Mexico, 60,000 sq ft San Luis Potosí facility. Founded in 2007, Prodamex has over 15 years of experience in the white goods and heavy-duty vehicle industries.
Prodamex is ISO 9001 Quality Manufacturing System and UL Wiring Harnesses certified, servicing a wide variety of wire harnesses to domestic appliances and white goods manufacturers to meet customer demands in the North American market and beyond.
Through a wide variety of testing and analysis procedures, Prodamex certifies that all complex and large wire harnesses components are fully operational and will connect and function in the desired fashion with maximum efficiency and conductivity.
TC bolsters position in the defence market and opens up the Off-Highway market
Acquired by Volex in 2022, Terminal & Cable TC Inc. specialises in the manufacturing of ruggedised wire harness assemblies in its 40,000 sq ft Quebec, Canada facility. Founded in 1968, TC Inc. has over 50 years of experience in the defence and specialised automotive industries.
TC Inc’s Quality Management System is AS9100D Aerospace and Defence and ISO 9100:2015 certified. In addition, TC Inc. holds the Canadian CGP (Controlled Goods Program) certification which is Canada’s equivalent to the US ITAR requirement. TC Inc. services the military, aerospace, automotive and “off highway” industrial, agricultural and construction market sectors.
From the design of wire harnesses to specifications, design improvements, prototyping, testing, and manufacturing to the most demanding requirements, TC Inc. will ensure uninterrupted supply of top-quality wire harness products, delivered on-time, for a competitive price.
Acquired by Volex in 2021, DE-KA Elektroteknik is the leading power cord and plug manufacturer in the European market, providing assembly services for the world’s major appliance manufacturers through its two production facilities in Türkiye.
Its primary customers include white goods, domestic appliances, and consumer electronics.
DE-KA meets high quality standards, reliable delivery schedules, and product and price optimisation through its well-educated and experienced employees within every department. DE-KA is ISO 9001:2015 quality system certified, with its entire product range compliant with REACH and RoHS regulations.
Visit DE-KA’s website here to learn more about how they are an integral component to the Volex global manufacturing and service footprint.
In 2021, Volex acquired DEKA, a leading power cord producer for the white goods sector. DE-KA operates two plants in Türkiye, one near Istanbul (Cayirova) and one near the southern port of Izmir in Manisa. In the same year, Volex completed three acquisitions in the Americas, bringing into the Group Irvine Electronics in California, Prodamex in Mexico and Terminal & Cable in Carignan, Quebec, Canada.
In April 2020, the head office moved to Basingstoke.
While the Covid-19 pandemic caused disruption around the world, the Volex team relocated its Suzhou plant to a new site in the city to support its ambitious plans for the expansion of this site. The Batam site also doubled in size during 2020.
100 years of being registered at Companies House in the UK
Brought PCBa and box-build / integration capability. Also, an EMS provider in high-growth segments
Acquired by Volex in 2019, Servatron is a highly experienced turnkey provider of custom contract manufacturing and assembly services to the electronics industry. Its capabilities include PCBA, cable and wire harness, electro-mechanical assembly, system integration, custom packaging, configuration, test development and direct fulfillment services. With over 20 years of experience, Servatron is fully capable of providing small prototype quantities, to production volumes, to leading OEMs.
Through its experienced and highly trained personnel, world-class manufacturing facility, and state-of-the-art equipment, Servatron provides the highest quality finished goods when and where its customers need them. Servatron is ISO9001, ISO13485 and AS9100 accredited, ensuring that controlled processes are implemented throughout all manufacturing and test operations. Servatron has earned a reputation for producing high-quality, complex products with a combination of unmatched customer service, flexibility, and on-time delivery.
In 2019, Volex acquired Servatron a PCBA and EMS business located in Spokane, Washington State. The Group also acquired Ta Hsing, a cable maker in Shenzhen, China. This enabled Volex to start its journey to become a vertically integrated business.
We also marked 100 years of being registered at Companies House in the UK. In 2019, the Group started to strengthen its management team and Jon Boaden joined as the Group's Financial Controller, acting as a deputy for Daren Morris. Alan Taylor joined as Group HR Director and took over the HR agenda from Daren.
Manufacturing in the UK again
Acquired by Volex in 2018, GTK is a world-class manufacturer of high-quality electronics solutions including standard and custom cable assemblies, connectors and displays, while offering a full manufacturing solutions service.
Founded in 1990, GTK has over 30 years’ experience in sourcing, designing and supplying customers with a wide range of high-performance products.
As a leading supplier of electronic solutions, with manufacturing locations in the UK, Romania and Asia, GTK provides services that prioritise customers' needs, and ensures the smooth and efficient delivery of high-quality products for a wide range of applications. GTK holds several global accreditations, including ISO 9001:2015 and 14001:2015. Additionally, its UK and Romanian manufacturing facilities are both UL approved, with the UK facility also AS9100D certified.
Visit GTK’s website here to learn more about how they are an integral component of the Volex global manufacturing and service footprint.
Offers low-cost production in Slovakia alongside the opportunity to cross-sell Volex expertise to new medical customers.
Acquired by Volex in 2018, Silcotec Europe services cable and electro-mechanical assembly requirements right up to system integration for the medical and high-tech industrial sectors. With the flexibility and agility required for ‘high mix / low volume’ production, Silcotec has the internal infrastructure and manufacturing talent to manage complex customer portfolios, which results in leading service levels among their customer supply chains.
In Europe, Silcotec has a reputation among medical and high-tech OEMs as a customer-orientated supplier providing high-quality, cost-effective electronic solutions. The facility in Komarno, Slovakia, is accredited to current standards for ISO9001, ISO14001, ISO13485 while being UL, CSA and ETL certified for specific products.
New medical and industrial consumers with quick-turn capability.
Acquired by Volex in 2018, MC Electronics provides quick turn / high mix contract manufacturing of cable assemblies, wire harnesses and box builds. Founded in 1981, MC Electronics has 40 years' extensive experience working collaboratively with customers from NPI and prototypes, to full production across North America, Asia and Europe.
MC Electronics is certified ISO13485 Medical Device Manufacturing and ISO9001 General Manufacturing. From medical device, security & inspection, factory automation and industrial products, MC Electronics provides high-performance, reliability, quality and cost effectiveness to its customers.
Volex hired John Molloy and Jessica Yu in 2017 – both had worked together previously in TT Electronics. In 2018, Volex acquired Silcotec Europe Ltd, GTK UK Ltd and MC Electronics Inc. Through its ownership, GTK is now manufacturing in the UK again after a gap of over 10 years.
Launched our V-Novus cable range
In 2015, we launched our V-Novus cable range and were one of the first two companies to be Infiniband-registered for EDR transmission. This was the year that Nat Rothschild joined the Company and quickly established himself as our Executive Chairman. Nat had originally bought into the Company back in 2008.
With the support of the CFO, Daren Morris, Nat and Daren started to take Volex through a restructuring, which saw Volex return to profit in 2018. Since 2015, when the current executive management team took over after a series of difficult years for the Company, Volex has once again become a profitable, expanding and acquisitive business.
In 2013, we acquired APM Opics Group and IP.
Launched our V-lock range
In 2006, we launched our V-lock range, while the following year saw us produce our first high-speed copper cables. In 2008, we launched a halogen-free cable range, delivering a more environmentally friendly and fire-resistant product.
In 2009, Volex plc moved its head office from the northwest to London, where it remained for the next 10 years. In the same year, the Volex Harness Division was spun off to create Ionix Systems Ltd, which was acquired by Amphenol in 2013.
Our growth through acquisitions continued into the new millennium
In 2000, we acquired Mitema Industri AB, with plants in Sweden and Estonia, and completed the purchase of the remaining 40% of Volex do Brasil ltda., formerly Telepart Cables. New facilities were established in the Philippines, Thailand, Taiwan and China.
In 2001, we established new manufacturing facilities in Vietnam and Indonesia, and closed the Dartmouth site in the USA. However, the Group was hit hard by the telecoms crash of 2001, and the next decade saw a period of consolidation and a refocus away from telecoms to the medical and industrial sectors.
In 2002, we restructured our European data/telco and powercords operations. We established two facilities in Poland, but closed our Chula Vista and Wilmington sites in the USA. This year also saw us produce the first duckhead component.
Three more acquisitions
In 1997, the acquisition of Capulum, with its plant located in Ottawa, Canada. We acquired sites in Croatia (Zagreb) and Malaysia (Kota Bahru factory and the Shah Alam office) directly from Ericsson in December 1997.
In 1998, the acquisition of a majority stake in Telepart Cables gave us a site in Brazil.
In 1999, the acquisition of Belden Inc., with further plants in the USA, Mexico. Our operation in Chennai, India was also acquired this year.
The company’s centenary year
The early 1990s were a turning point for the Company and would mark the start of the Volex Group we know today. In 1992, the Company’s centenary year, a number of major changes were made to bring about an important strategic repositioning of the Group’s products and markets.
In July 1991, the Company sold its Volex Accessories division due to a long-term downturn in the building industry. However, throughout the 1990s, the Group acquired a number of new businesses including:
In 1992, the acquisition of Cable Products, Inc., meant Volex gained manufacturing operations in the USA and Ireland. This enabled Volex to enter the field of data cable assemblies. Volex also acquired a 60% interest in Mayor Pte Ltd in Singapore with a site in Shenzhen. In addition, Volex acquired Icontec Inc. in the US and Ionix High Performance Wiring Systems in the UK.
In January 1993, the acquisition of Component Manufacturing Services Inc. in Massachusetts and North Carolina.
Selling products around the world
Although it was, by now, selling its products around the world, the firm remained a UK-centred, family-run company for most of the 20th century. However, a series of difficult years financially saw the closure of the cables division in Salford in 1983, and the sales of the security products business in 1984. The Frederick Road factory closed in 1986. After the last members of the Goldstone family left the board of directors, the Company changed its name in 1984 to “Volex Group plc” and began attaching the Volex brand name to most of its individual operations – later becoming simply “Volex plc” in 2011.
Expansion into Ireland
The 1970s saw further growth, including an expansion into Ireland with an electrical conductors plant in Dublin, an electrical accessories plant in Carrick-on-Shannon and a plastics factory in Cork. Factory floorspace in UK exceeded 2 million sq ft, with 12 factories in the North West of England alone. Patented and launched UK’s first moulded plugs for domestic use.
Supplying complete electrical systems to a quarter of the British car market
The 1960s represented innovation and modernity, and alongside the traditional range of cables and flexibles, the Company started to produce wires for fluorescent lighting and coaxial television feeder cables. According to the The Times, by 1968, the Company was supplying complete electrical systems to a quarter of the British car market.
By 1969, Ward & Goldstone was selling its products in around 100 overseas markets. Although production remained UK-based, it had established local representative offices and distribution centres around the world, including in Ireland, mainland Europe, Africa, south and central America, the Caribbean, the Middle East and elsewhere in Asia. That year, it employed around 6,000 staff in 15 UK factories and offices, and throughout the period was a major supplier to the electrical, radio, television, domestic appliance, automobile and aircraft industries, as well as to government departments. Its products included wiring systems for cars, buses and lorries, power and television cables, batteries and lighting accessories, as well as plugs, sockets, fuses and switches for domestic use in homes.
"Volex” brand name made a comeback in the late 1950s
By the mid-1950s, the range of plastic goods being offered included belts, lampshades and handbags, although the majority of moulded material still went into the ever-popular range of electrical accessories. Indeed, it was to promote a new range of top-quality accessories that the “Volex” brand name made a comeback in the late 1950s.
Product ranges in all divisions continued to expand after 1945. The Company was especially well placed to exploit the post-war plastics boom, having been involved in plastics and moulding technology since before the war.
Volex Group began as Ward & Goldstone
In 1892, the Volex Group began as Ward & Goldstone, founded by Meyer Hart Goldstone and James Henry Ward. Its only capital was a £50 loan. From modest beginnings in a 300 sq ft two-storey building in Gorton, a suburb of Manchester, England, Mr Goldstone and Mr Ward laid the foundations of a business that grew continuously and progressed to incorporation as a limited company in 1919.
By 1922, the Company employed 850 people and manufactured and/or sold a wide range of electrical products, including lamps, torches, medical coils, electric kettles, batteries, dynamos and telephones, as well as wireless telegraphy sets. As early as 1910, Ward & Goldstone had begun using the “Volex” brand name to market dry-cell batteries. During the Second World War, the Company supplied radio communications products for the UK military, in particular wiring accessories that were used in RAF aircraft.
Volex's association with the automotive industry began in 1911 when it started to supply wiring harnesses made from the growing range of “W&G” cables and wires to the brand-new Ford plant in Manchester. By 1920, Volex was producing a Volex Motorcycle Lighting set. Today, Volex carries this tradition forward with its involvement in EV markets.