AUTO PARTS MARKET Stoneridge to form partnership with company in India
The company said the new partnership fits its goal of global expansion.
WARREN -- Stoneridge Inc., a Howland-based maker of wiring components and other vehicle parts, said it expects to grab a larger share of the growing auto parts market in India by forming a joint venture with a large Indian parts maker.
Stoneridge announced it will partner with the Ashok Minda Group, a major automotive parts supplier with seven plants in India that employs about 3,000 people.
Plans are to expand Minda's plant in Pune, India, so that it can produce electronic instrumentation equipment. The plant makes mechanical instrumentation equipment now, and the new product line should be up and running within one month, according to a Stoneridge press release.
"This joint venture fits perfectly with our global growth strategy," said Edward F. Mosel, chief operating officer for Stoneridge.
The Howland company's goal is to be a leading supplier of highly engineered electrical and electronic components and systems for major automotive and commercial vehicle manufacturers worldwide, he said.
"Our partnership with Ashok Minda Group will enhance our presence in the very important and rapidly evolving market in India," Mosel said.
Ashok Minda has grown 40 percent over the last three years, according to Stoneridge, and is setting up three new plants in India and Indonesia.
Stoneridge is a designer and manufacturer of electronic and electrical components for cars, trucks, tractors and other off-road vehicles. It moved its headquarters to Howland in 1983, but nearly all of its 5,000 employees work at plants outside the Mahoning Valley.
The company has 12 facilities in North America, 11 in Europe and one in South America.
The company reported second-quarter earnings last month of $9.3 million, or 41 cents per share, on sales of $178.1 million. Stoneridge had sales of $607 million in 2003. Its stock trades under the symbol SRI on the New York Stock Exchange.