SORL Forms Joint Venture with MGR to Expand International Sales Network
November 11 2009 - 6:14AM
PR Newswire (US)
ZHEJIANG, China, Nov. 11 /PRNewswire-Asia-FirstCall/ -- SORL Auto
Parts, Inc. (NASDAQ:SORL) ("SORL" or "The Company"), a leading
manufacturer and distributor of commercial vehicle air brake
systems as well as related auto parts in China, announced today
that it has entered into a joint venture agreement with MGR, a Hong
Kong-based global auto parts distribution specialist firm. The new
joint venture will be named SORL International Holding, Ltd.
("SIH"). SORL holds a 60% interest in the joint venture. SIH will
be primarily devoted to expanding SORL's international sales
network in Asia-Pacific and creating a larger footprint in Europe,
the Middle East and Africa with a target to create a truly global
distribution network. This joint venture will complement the
Company's current international sales centers in Australia, United
Arab Emirates, India, and the United States. Based in Hong Kong,
SIH will open up and establish channels of distribution in
international markets with SORL's primary products, including
spring brake chambers, clutch servos, air dryers, relay valves and
hand brake valves. This joint venture will seek to expand SORL's
parts business by developing business solutions that best meet
international customers' needs, especially in the high-growth auto
markets of Asia-Pacific, Europe, the Middle East and Africa.
Through the joint venture, SORL aims to further extend its
operations outside China by leveraging MGR's intimate knowledge of
its customers and to gain access to MGR's worldwide customer
network including opinion leaders, distributors, workshops and
fleets. By deploying MGR's "Six Sigma" management practices, SORL
will improve its manufacturing processes, product quality,
efficiencies and integrate greater technological innovation into
its product line. The new Joint Venture will be led by an
experienced management team including Mr. Jean Francois Barth, Mr.
Hamid Hamri and Mr. Craig Jackson: Jean Francois Barth, a French
national, will serve as the Managing Director of SIH. From 2001 to
2008, Mr. Barth was the Global Vice President and General Manager
for the Worldwide Aftermarket Business Unit, accountable for
marketing, sales, product development, supply chain, HR and P&L
at WABCO Holdings (NYSE: WBC, or "WABCO"), an automotive brake
technology leader and tier-one supplier to the global commercial
vehicle industry. During his tenure at WABCO, he successfully
accelerated its worldwide aftermarket sales growth (parts &
services) with improved margin and profits. He created, developed
and led the Global Business Unit and Worldwide Aftermarket
organization including 320 employees and a global service network
of 2,000 distribution partners, over 400 service centers and
Original Equipment Service (OES) partners. Hamid Hamri, a native
Moroccan, will serve as Sales and Marketing Director, Middle East
& Africa, of SIH. Before joining SIH, from 2002 to 2009, Mr.
Hamri worked at WABCO, where he held the positions of Business
Development, Director of Aftermarket Middle-East and Africa, and
Director for Aftermarket and OEM Middle East and Africa. In his
seven years with WABCO, Mr. Hamri led the effort in setting up the
WABCO Middle-East and Africa Division in Dubai, and a dynamic and
successful distribution network for WABCO across the region. Hamid
was a member of WABCO's Global Leadership team and WABCO's Global
Strategy team. Prior to WABCO, Mr. Hamri spent 9 years with Tenneco
Monroe & Walker (NYSE:TEN), where he held several Sales and
Marketing positions responsible for both Aftermarket and OEM sales.
Craig Jackson, a native Australian, will serve as Sales and
Marketing Director at SIH, Asia Pacific. Mr. Jackson was with WABCO
from 2001 to 2008, where he held the position of Director of
Aftermarket Asia Pacific. During his tenure with WABCO, Mr. Jackson
created the Aftermarket Parts and Service distribution network for
WABCO across Asia Pacific. He was a member of WABCO's Asia Pacific
Leadership team and also WABCO's Global Aftermarket Leadership
team. Prior to WABCO, he spent almost 8 years with ZF Australia and
assisted in the establishment of ZF's Hong Kong office in 1999. "We
are very excited about the joint venture we are forming with MGR
and the wealth of experience and proven records both management
teams bring to this partnership," said Xiaoping Zhang, SORL Auto
Parts' Chairman and CEO. "The SIH partnership reflects a powerful
combination of SORL's technological leadership and market resources
in China's market with the immense worldwide customer network and
deep customer understanding that MGR has achieved. "We believe this
new joint venture provides us with an ideal opportunity to enhance
SORL's growth in regions which we believe will be our key growth
markets in the future. This partnership paves the way for SORL to
achieve our long-term vision of becoming a leading global supplier
of air brake systems and other related auto parts for OEMs and
aftermarket customers," concluded Mr. Zhang. About SORL Auto Parts,
Inc. As China's leading manufacturer and distributor of automotive
air brake systems and other related auto parts, SORL Auto Parts,
Inc. ranks first in market share in the segment for commercial
vehicles weighing more than three tons, such as trucks and buses.
The Company distributes products both within China and
internationally under the SORL trademark. SORL ranks among the top
100 auto component suppliers in China, with a product range that
includes 40 types of air brake valves and over 1000 different
specifications. The Company has four authorized international sales
centers in Australia, United Arab Emirates, India, and the United
States, with additional offices slated to open in other locations
in the near future. For more information, please visit
http://www.sorl.cn/ . About MGR Based in Hong Kong, MGR is a team
of automotive professionals sharing intimate knowledge of customers
in Asia Pacific, Europe, the Middle East and Africa regions and
their respective automotive parts needs. MGR brings access to a
worldwide customer network including opinion leaders, distributors,
workshops and fleets. MGR has Six Sigma certification and hence
brings to the partnership new ways to improve product quality and
efficiency. Safe Harbor Statement This press release may include
certain statements that are not descriptions of historical facts,
but are forward-looking statements. Forward-looking statements can
be identified by the use of forward-looking terminology such as
"will", "believes", "expects" or similar expressions. These
forward-looking statements may also include statements about our
proposed discussions related to our business or growth strategy,
which is subject to change. Such information is based upon
expectations of our management that were reasonable when made but
may prove to be incorrect. All of such assumptions are inherently
subject to uncertainties and contingencies beyond our control and
upon assumptions with respect to future business decisions, which
are subject to change. We do not undertake to update the
forward-looking statements contained in this press release. For a
description of the risks and uncertainties that may cause actual
results to differ from the forward-looking statements contained in
this press release, see our most recent Annual Report filed with
the Securities and Exchange Commission (SEC) on Form 10-K, and our
subsequent SEC filings. Copies of filings made with the SEC are
available through the SEC's electronic data gathering analysis
retrieval system (EDGAR) at http://www.sec.gov/ . For more
information, please contact: At SORL Auto Parts, Inc. Ben Chen
Director of Investor Relations Tel: +86-577-6581-7721 Email: Kevin
Theiss Grayling Tel: +1-646-284-9409 Email: DATASOURCE: SORL Auto
Parts, Inc. CONTACT: , Ben Chen, Director of Investor Relations of
SORL Auto Parts, Inc., +86-577-6581-7721, ; or Kevin Theiss of
Grayling, +1-646-284-9409, Web site: http://www.sorl.cn/
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