NEW ALBANY, Ohio, July 27, 2011 /PRNewswire/ -- Commercial Vehicle
Group, Inc. (Nasdaq: CVGI) announced today that it has acquired
certain assets of Stratos Seating ("Stratos"), a seat supplier to
the Australian military, truck and specialty vehicle markets.
Stratos is located in Wetherill Park, Sydney, Australia.
"This acquisition not only expands our Australian presence in
the military and truck markets, but also enhances our overall
product offering with the addition of the unique Stratos suspension
system and military seating products," said W. Gordon Boyd, President of Commercial Vehicle
Group's Seating Systems Group. "Stratos is yet another
positive step in our global expansion and diversification strategy
and we are excited to move forward with Stratos and all of their
employees and customers," added Mr. Boyd.
Total cash consideration for the transaction was approximately
$2.3 million. For the full year
2011, the Company expects Stratos revenues to be in the range of
$5.0 million with operating income in
the range of $0.8 million and
depreciation and amortization of approximately $0.1 million.
About Commercial Vehicle Group, Inc.
Commercial Vehicle Group is a leading supplier of fully
integrated system solutions for the global commercial vehicle
market, including the heavy-duty truck market, the construction and
agriculture markets and the specialty and military transportation
markets. The Company's products include static and suspension
seat systems, electronic wire harness assemblies, controls and
switches, structures and components, interior trim systems
(including instrument panels, door panels, headliners, cabinetry
and floor systems), mirrors and wiper systems specifically designed
for applications in commercial vehicles. The Company is
headquartered in New Albany, OH
with operations throughout North
America, Europe and
Asia. Information about the
Company and its products is available on the internet at
www.cvgrp.com.
Forward-Looking Statements
This press release contains forward-looking statements that are
subject to risks and uncertainties. These statements often
include words such as "believe," "expect," "anticipate," "intend,"
"plan," "estimate," or similar expressions. In particular,
this press release may contain forward-looking statements about
Company expectations for future periods with respect to revenues,
operating income, depreciation and amortization or other financial
information. These statements are based on certain
assumptions that the Company has made in light of its experience in
the industry as well as its perspective on historical trends,
current conditions, expected future developments and other factors
it believes are appropriate under the circumstances. Actual
results may differ materially from the anticipated results because
of certain risks and uncertainties, including but not limited to:
(i) general economic or business conditions affecting the markets
in which the Company serves; (ii) the Company's ability to develop
or successfully introduce new products; (iii) risks associated with
conducting business in foreign countries and currencies; (iv)
increased competition in the heavy-duty truck market; (v) our
failure to complete or successfully integrate additional strategic
acquisitions; (vi) the impact of changes in governmental
regulations on the Company's customers or on its business; (vii)
the loss of business from a major customer or the discontinuation
of particular commercial vehicle platforms; (viii) the Company's
ability to obtain future financing due to changes in the lending
markets or its financial position; (ix) the Company's ability to
comply with the financial covenants in our revolving credit
facility; and (x) various other risks as outlined under the heading
"Risk Factors" in the Company's Annual Report on Form 10-K for
fiscal year ending December 31, 2010
and in the Company's Quarterly Report on Form 10-Q for fiscal
period ending March 31, 2011. There
can be no assurance that statements made in this press release
relating to future events will be achieved. The Company
undertakes no obligation to update or revise forward-looking
statements to reflect changed assumptions, the occurrence of
unanticipated events or changes to future operating results over
time. All subsequent written and oral forward-looking
statements attributable to the Company or persons acting on behalf
of the Company are expressly qualified in their entirety by such
cautionary statements.
SOURCE Commercial Vehicle Group, Inc.