Key Developments For SORL Auto Parts, Inc.
SORL Auto Parts, Inc. (SORL.O) (Consolidated Issue listed on NASDAQ Global Market)
SORL Auto Parts, Inc. Issues FY 2009 Guidance Above Analysts' Estimates
SORL Auto Parts, Inc. announced that for fiscal 2009, it expects approximately $120 million of sales revenue and $11 million of net income attributable to common stockholders. According to Reuters Estimates, analysts are expecting the Company to report net profit of $10 million on revenues of $115 million for the same period.
SORL Auto Parts, Inc. Forms Joint Venture With MGR To Expand International Sales Network
SORL Auto Parts, Inc. announced 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.
SORL Auto Parts, Inc. Announces Supplier Development Agreement With Shi Feng Group
SORL Auto Parts, Inc. announced that it has entered into a supplier development agreement with the Shi Feng Group. The agreement initially covers 14 categories of products to be supplied by the Company to Shi Feng for use in various agricultural vehicles. Under the agreement, upon successful completion of product testing, Shi Feng and the Company will immediately enter into definitive purchase agreements whereby the Company will provide components for use in Shi Feng produced vehicles.
SORL Auto Parts, Inc. Announces Contract Renewals With FAW Group
SORL Auto Parts, Inc. announced that the FAW Group has renewed contracts with the Company. Other terms of the contracts were not disclosed.
SORL Auto Parts, Inc. Awarded Contract In Indian OEM Market
SORL Auto Parts, Inc. announced that it has signed a product sales contract with a Original Equipment Manufacturer (OEM) in India. According to the contract, the Company will supply air brake systems including relay valves, hand brake valves, four circuit protection valves and spring brake chambers, all of which have passed the 60,000 kilometer (or 37,282 mile) durability test for the abovementioned Indian OEM's trucks.
