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NEW ALBANY, Ohio,
Feb. 15, 2012 /PRNewswire/ -- Commercial Vehicle Group, Inc. (Nasdaq: CVGI), a leading supplier of fully integrated system solutions for the global commercial vehicle market, today announced it has been awarded its first wire harness business with Cummins Emission Solutions (CES), a division of Cummins Inc.
CES and CVG's Electrical Systems group signed a Letter of Intent calling for CVG to supply CES's 2013 "On Highway" program with wire harnesses. CVG products will be used as part of after-treatment systems provided by Cummins to power on-highway trucks.
Under the agreement, CVG will supply CES facilities in both
North America and
China with production expected to begin in late 2012. CVG will produce the CES products in its
Agua Prieta, Mexico and
Shanghai, China facilities.
"This is a great beginning to a meaningful, long-term relationship between CVG and Cummins," said
Kevin R.L. Frailey, President & General Manager of Electrical Systems for CVG. "The cooperation between both companies' engineering teams in the
China has been highly productive. We see a great opportunity for us to work together on this and future projects," Frailey stated.
W. Gordon Boyd, President responsible for CVG's
China facilities said, "Cummins is clearly a pioneer in helping Chinese and other global customers achieve their fuel efficiency and emissions goals. We are proud to have been chosen by CES to work with them on these products."
"This new business fits perfectly within our long-term strategy to diversify CVG's product mix, expand our geographical footprint and diversify our customer base," said
Mervin Dunn, President and Chief Executive Officer of Commercial Vehicle Group. "Congratulations to our employees for helping to secure this valuable new business with CES. Cummins is a well-respected global business, and we are proud to begin a working partnership with them," Dunn concluded.
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
Europe and Asia. Information about the Company and its products is available on the internet at
Cummins Inc., a global power leader, is a corporation of complementary business units that design, manufacture, distribute and service engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems. Headquartered in
Columbus, Indiana (USA), Cummins employs approximately 40,000 people worldwide and serves customers in approximately 190 countries and territories through a network of more than 600 company-owned and independent distributor locations and approximately 6,000 dealer locations. Cummins earned
$1.0 billion on sales of
$13.2 billion in 2010. Press releases can be found on the Web at
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 sales, production dates, the Company's strategic goals 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 under the heading "Risk Factors" in the Company's Quarterly Report on Form 10-Q for the quarter ended
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.