Stoneridge Agreement Allows Asia Expansion

April 21, 2011
By

April 20, 2011 6:39 a.m.
HOWLAND TOWNSHIP, Ohio — Stoneridge Inc. says it is accelerating expansion into fast-growing Asian markets through an existing joint venture agreement with the Minda Group. The products will serve the commercial vehicle and 2-3-4-wheel product markets.

The agreement will add Stoneridge sensor technology and products in India. The initial stages of the agreement will allow the joint venture to expand its product offering by manufacturing, distributing and selling various speed, low- and mid-temperature, position and level sensors, as well as utilize applicable technical information licensed by Stoneridge, according to John Corey, president and CEO.

As the market expands into more sophisticated products, the joint venture will expand its product offering by manufacturing, distributing and selling various high-temperature and other sensor products also utilizing applicable technical information licensed by Stoneridge, Corey added.

The products will serve the commercial vehicle and four-wheel (car) product markets. Stoneridge will be paid royalties from the Minda/Stoneridge joint venture for these more technically advanced products.

Minda will be able to expand its product offerings beyond instrumentation and gauges into the sensor markets, and sales of these products will be limited to the India, southern Asia and Indonesia regions. Minda’s annual sales are expected to increase to $50 million to $75 million within the next two to three years, compared with $33.4 million in 2010.

“Minda has been a valued partner to Stoneridge since 2004, and the joint venture has played an important role in our strategic global expansion,” Corey said. “As we move forward under our new agreement, our expanded relationship with Minda will help us continue to take advantage of our outstanding growth opportunities in the Asian markets.”

Published by The Business Journal, Youngstown, Ohio.

Article source: http://business-journal.com/stoneridge-agreement-allows-asia-expansion-p19002-1.htm The feed :

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