ZHEJIANG, China, Sept. 22, 2011 /PRNewswire-Asia-FirstCall/ --
SORL Auto Parts, Inc. (NASDAQ: SORL), ("SORL" or the
"Company") a leading supplier of brake and control systems to the
global commercial vehicle industry, announced today the creation of
a new subsidiary, SORL Europe, as part of the Company's global
expansion strategy.
The subsidiary will be located at "la Maison de l'Automobile", 46 Boulevard de la
Woluwe, in Brussels, Belgium,
which is also the headquarters for the regional automotive supplier
trade association. It will be the headquarters for SORL Europe's
regional operations in Europe, the
Middle East and Africa. Mr. Jean
Francois Barth, SORL Vice President of International Markets
and Managing Director of SORL International Holding, Ltd., will
manage the subsidiary's marketing, distribution and services to
capture new customers and gain market share. The European brake
market alone is estimated to generate approximately $5 billion in annual sales and the European
aftermarket is expected to grow roughly 10% in 2011.
With the establishment of SORL Europe, the Company expects to
win more contracts with truck, trailer and bus manufacturers and
increase its aftermarket distribution network in these regions.
SORL products already meet European performance and quality
standards, and SORL has been certified by TUV Rheinland Industry
Service for its quality management system.
"We believe there is a significant opportunity for SORL to
expand its presence in these growing markets. The European truck
market is particularly attractive as heavy-duty truck registrations
increased over 50% in the first half of 2011 and the aftermarket
consists of a large number of trucks between 4 and 9 years of
service requiring replacement parts. Our product development
strategy is focused on providing high-value solutions that increase
driver safety. SORL is the best value brand for these markets
providing the high-quality products and services our customers
expect," said Mr. Barth.
Mr. Xiaoping Zhang, SORL's
Chairman of the Board of Directors and Chief Executive Officer,
commented, "SORL Europe is another step in our global expansion.
SORL now has dedicated regional operations to enhance our
penetration of these important markets. A more local presence will
enable us to become more integrated with our customers so we can
better anticipate their future requirements. We continue to design
and manufacture our products to meet global standards so we can
more quickly access and service foreign markets."
About SORL Auto Parts, Inc.
As a global tier one supplier of brake and control systems to
the commercial vehicle industry, SORL Auto Parts, Inc. ranked No. 1
for market share in the segment for commercial vehicles brake
system, such as trucks and buses. The Company distributes products
both within China and
internationally under the SORL trademark. SORL is listed among the
top 100 auto component suppliers in China, with a product range that includes 65
categories with over 2000 specifications in brake system and
others. The Company has four authorized international sales centers
in UAE, India, the United States and Europe. SORL is working to establish a broader
global sales network. For more information, please visit
http://www.sorl.cn.
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 .
Contact
Information
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Ben Chen
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VP Finance & Corporate
Secretary
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+86 577 6581
7721
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Email: ben@sorl.com.cn
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Kevin Theiss
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Grayling
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+1 646 284 9409
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Email: kevin.theiss@grayling.com
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SOURCE SORL Auto Parts, Inc.