NEW YORK (AP) — China Automotive Systems Inc., a power-steering components and systems supplier, said Monday it signed its first aftermarket supply contract in the U.S. with aftermarket supplier Dorman Products Inc.
Financial terms were not disclosed.
China Automotive said it's been working with R&B since May 2006 to develop two power steering models, one of which is intended as a replacement power steering product for the Volvo S40 sedan.
Dorman Products was formerly R&B Inc.
China Automotive sahares rose $1.04, or 14.8 percent, to $8.07 in morning trading. Dorman shares added 19 cents at $14.14.