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 .
SOURCE SORL Auto Parts, Inc.