Sorl Auto Parts buys Chinese air brake manufacturer assets

Sorl Auto Parts buys Chinese company assets

ZHEJIANG, China — Sorl Auto Parts Inc. said Wednesday that it has bought the assets of a Chinese air brake manufacturer for $25 million.

Sorl acquired the hydraulic brake, power steering and automotive electrical operations of the Ruili Group Co. Half of the cash deal was paid at closing on Tuesday, while the remaining half is due before Sept. 30.

Sorl said the Ruili Auto Parts Division is expected to generate $35 million of revenues and $4 million of income in 2011.

Shares of Sorl closed up 6 cents to $8.62.