Stoneridge declared its plans of expanding its presence in the Asian market by enhancing its joint venture with the Minda Group.
The agreement initially aimed at manufacturing, distributing and selling low to midrange temperature, position and level sensors working at different speeds and to make use of the technical expertise of Stoneridge. The products coming out of this joint venture were to be used in the two, three and four wheeler commercial vehicles.
As more sophisticated products flooded the market, Stoneridge decided to enhance the joint venture by increasing the scope of the offered products. Therefore, manufacture and distribution and sales of high-temperature sensors and a few other high-end sensors have been added to the product offering. The added products would be used in four-wheelers. Stoneridge would benefit from the royalties received from the sale of the sophisticated products. As for the Minda group, the changes in the agreement would translate to sale of products in addition to gauges and instrumentation sensors and an increase in its sales volume in India, Indonesia and Asia.
The annual sales figures of the Minda group is expected to go up to 50 or even 75 million dollars over the next two or three years. This is a considerable increase when compared to the 33.4 million of sales revenue last year . John Corey who is the CEO and the President of Stoneridge talks highly of the sustaining partnership with Minda since 2004. He feels that their partnership has improved their strategic expansion globally. He further added that the amends in the joint venture would go a long way in strengthening their presence in the Asian market.