Sorl Auto Parts says it has created a new subsidiary, Sorl Europe, as part of the company’s global expansion strategy in Brussels.
The subsidiary will be in the same building as the headquarters for the regional automotive supplier trade association and will be the hub of Sorl Europe’s regional operations in Europe, the Middle East and Africa.
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Jean Francois Barth, Sorl vice president of international markets and managing director of Sorl International Holding, will manage the subsidiary’s marketing, distribution and services.
The European brake market alone is estimated to generate around US$5bn 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.
“We believe there is a significant opportunity for Sorl to expand its presence in these growing markets,” said Barth. “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 four and nine years of service requiring replacement parts.
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By GlobalData“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.”
Xiaoping Zhang, Sorl’s chairman of the board of directors and CEO said: “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.”
Sorl is listed among the top 100 auto component suppliers in China, with a product range that includes 65 categories with more than 2,000 specifications in brake system and others.
