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STOCKS NEWS EUROPE-Cobra up after Hyundai, Mando orders

Fri Jul 10, 2009 7:25am EDT

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Italian car parking system supplier Cobra Automotive Technologies SpA (COBRA.MI) is up 30 percent and suspended from trading after it signs contracts with South Korea's Hyundai Motor Co (005380.KS) and Mando Corp.

"This agreement confirms the positive outcome of the international expansion strategy in the Asian region, with further growth opportunities in the years to come," Milan broker Cassa Lombarda says.

After the market closed on Thursday, Cobra said the Hyundai Motor deal was worth 1.6 million euros in annual sales from mid-2011 and the Mando deal 2.8 million euros from end-2010.

Reuters Messaging rm://nigel.tutt.reuters.com@reuters.net


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