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.