SORL Auto Parts (SORL) Announces Joint Venture with MGR
SORL Auto Parts, Inc. (NASDAQ: SORL) announced today 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. 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.
The new Joint Venture will be led by an experienced management team including Mr. Jean Francois Barth, Mr. Hamid Hamri and Mr. Craig Jackson:
- Jean Francois Barth, a French national, will serve as the Managing Director of SIH. From 2001 to 2008, Mr. Barth was the Global Vice President and General Manager for the Worldwide Aftermarket Business Unit, accountable for marketing, sales, product development, supply chain, HR and P&L at WABCO Holdings (NYSE: WBC). During his tenure at WABCO, he successfully accelerated its worldwide aftermarket sales growth (parts & services) with improved margin and profits. He created, developed and led the Global Business Unit and Worldwide Aftermarket organization including 320 employees and a global service network of 2,000 distribution partners, over 400 service centers and Original Equipment Service (OES) partners.
- Hamid Hamri, a native Moroccan, will serve as Sales and Marketing Director, Middle East & Africa, of SIH. Before joining SIH, from 2002 to 2009, Mr. Hamri worked at WABCO, where he held the positions of Business Development, Director of Aftermarket Middle-East and Africa, and Director for Aftermarket and OEM Middle East and Africa. In his seven years with WABCO, Mr. Hamri led the effort in setting up the WABCO Middle-East and Africa Division in Dubai, and a dynamic and successful distribution network for WABCO across the region. Hamid was a member of WABCO's Global Leadership team and WABCO's Global Strategy team. Prior to WABCO, Mr. Hamri spent 9 years with Tenneco Monroe & Walker (NYSE: TEN), where he held several Sales and Marketing positions responsible for both Aftermarket and OEM sales.
- Craig Jackson, a native Australian, will serve as Sales and Marketing Director at SIH, Asia Pacific. Mr. Jackson was with WABCO from 2001 to 2008, where he held the position of Director of Aftermarket Asia Pacific. During his tenure with WABCO, Mr. Jackson created the Aftermarket Parts and Service distribution network for WABCO across Asia Pacific. He was a member of WABCO's Asia Pacific Leadership team and also WABCO's Global Aftermarket Leadership team. Prior to WABCO, he spent almost 8 years with ZF Australia and assisted in the establishment of ZF's Hong Kong office in 1999.
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