This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Commercial Vehicle Group Announces Acquisition Of Daltek

NEW ALBANY, Ohio, Dec. 28, 2012 /PRNewswire/ -- Commercial Vehicle Group, Inc. (Nasdaq: CVGI) announced today that it has acquired substantially all of the assets of Daltek, LLC ("Daltek"), a company specializing in the application of customized industrial hydrographic films, paints and other interior and exterior finishes.  Daltek has two leased facilities in Dalton, Georgia and employs 42 full-time associates in addition to a number of temporary workers during peak demand. 

The acquired business offers services primarily in the ATV/UTV market.  Daltek's top four customers are Honda, John Deere, Yamaha and Bemis. 

"This acquisition complements our existing exterior and interior trim products and fits our long-term strategic plan for growth and diversification outside of the Class 8 market," said Mervin Dunn, President and Chief Executive Officer of Commercial Vehicle Group. "We look forward to working with the employees, customers and suppliers as we move forward with this exciting new opportunity," added Mr. Dunn.

Total cash consideration for the transaction was approximately $13.2 million; 80% paid at closing while the remainder is payable one year after the closing date, as negotiated by the parties. 

For the full year 2013, the Company expects the acquisition to achieve revenues of approximately $13.2 million, operating income of approximately $3.2 million and depreciation and amortization expense of approximately $0.6 million.  The Company expects the acquisition to be incremental to diluted earnings per share by approximately $0.07 for the full year 2013. 

About Commercial Vehicle Group, Inc.

Commercial Vehicle Group, Inc. is a leading supplier of a full range of cab related products and systems for the global commercial vehicle market, including the heavy-duty (Class 8) truck market, the construction, military, bus and agriculture markets and the specialty transportation markets.  Our products include static and suspension seat systems, electronic wire harness assemblies, controls and switches, cab 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, Asia and Australia.  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 expense, earnings per share and the Company's financial position 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) the Company's ability to develop or successfully introduce new products; (ii) risks associated with conducting business in foreign countries and currencies; (iii) general economic or business conditions affecting the markets in which the Company serves; (iv) increased competition in the heavy-duty truck market; (v) the Company's failure to complete or successfully integrate additional strategic acquisitions; and (vi) various other risks as outlined in the Company's SEC filings. 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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,351.38 +293.03 1.82%
S&P 500 1,948.86 +35.01 1.83%
NASDAQ 4,749.9790 +113.8740 2.46%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs