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SARASOTA — Sun Hydraulics Corp. (symbol: SNHY) opened an office in Shanghai last week. The office will serve as the Sarasota-based corporation's base of operations in China.
Sun made its first foray into the China market in 1998, when it entered into a joint venture with Links Lin, an Asian company. Together, the two firms created Sun Hydraulics Systems Co. Ltd. as a distribution vehicle.
Concurrent with the opening of its own office, Sun divested from that joint venture, making Links Lin the sole owner of Sun Hydraulics Systems Co., Sun's first authorized distributor in China.
“China is a large and important market for Sun Hydraulics,” explained Sun CEO Allen Carlson. “In 2010, approximately 5% of our sales came from China.”
Sun Hydraulics earned $15.1 million in profits in the first nine months of 2010, a 2,417% gain over the same period from the prior year. Its year end results will be released in early March.
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