(Alliance News) - Cofle Spa announced Friday that its new French sales subsidiary, Cofle France, has entered into a strategic business agreement with Europe's second-largest parts distribution group, which boasts the largest distribution network in the automotive aftermarket sector beyond the Alps and supplies vehicle parts and equipment to mechanics, body shops and auto centers.
As a result of this agreement and the increase in orders from long-standing customers, as well as ongoing negotiations, the Cofle Group expects an increase in annual sales of about EUR2 million for the Independent Aftermarket division, generated entirely by Cofle France's business operations, a company note said.
The agreement includes the distribution of Cofle products through the new partner's international platform, allowing Cofle to extend its reach globally and reach a wider customer base.
Walter Barbieri, president and CEO of Cofle, commented, "We are very pleased with the positive performance of Cofle France, our French sales subsidiary, which opened about a year ago. The opening of this subsidiary has proven to be a winning choice and we are proud to share the remarkable results achieved so far. In a short time we have already achieved strategic results, represented by a major commercial agreement that has greatly strengthened our presence in the global auto parts market. This agreement represents just the beginning of a phase of expansion and success for Cofle France. We are determined to continue working hard to meet the needs of our customers and to consolidate our leadership position in the industry."
Cofle's stock on Thursday closed 5.6 percent in the red at EUR11.90 per share.
By Chiara Bruschi, Alliance News reporter
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