Commercial Vehicle Group Announces Acquisition of Bostrom Seating

NEW ALBANY, Ohio, Jan. 31, 2011 /PRNewswire-FirstCall/ -- Commercial Vehicle Group, Inc. (Nasdaq: CVGI) announced today that it has acquired substantially all of the assets of Bostrom Seating, Inc. ("Bostrom"), a seat supplier to the North American heavy truck, aftermarket, bus and specialty vehicle markets.  Bostrom, a division of Accuride Corporation, Inc. (NYSE: ACW), has one owned manufacturing facility in Piedmont, Alabama which employs approximately 135 associates and an engineering office in Wixom, Michigan.

"This acquisition further expands our North American presence in certain key end markets and enhances our overall aftermarket position with the addition of the Bostrom Seating brand of products," said Mervin Dunn, President and Chief Executive Officer of Commercial Vehicle Group. "Bostrom's product offering and position in the commercial vehicle seating market, along with our existing operations and strong National and KAB Seating brands make this a strategic opportunity for us.  We look forward to working with Bostrom's employees, customers and suppliers as we move forward together," added Dunn.

Total cash consideration for the transaction was approximately $8.8 million.  For the full year 2011, the Company expects Bostrom revenues to be approximately $40.0 million, operating income to be neutral and depreciation and amortization to be approximately $1.2 million.  For the full year 2012, the Company expects the combination of market improvements and integration opportunities to result in operating income of approximately $0.7 million and depreciation and amortization of approximately $1.3 million.

Bill Lasky, Accuride Corporation's President, CEO and Chairman of the Board said, "Since acquiring Bostrom Seating in 2005, we have continued to build Bostrom's brand recognition within the industry.  While Bostrom is a solid company, the seating market is inconsistent with our focus on structural, drivetrain and wheel-end products for commercial vehicles.  The Bostrom Seating brand and the people who are transferring with it will be much better served with CVG's ownership and diversified product focus on cab systems and components."

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, electrical 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 headquartered in New Albany, OH has operations throughout North America, Europe and Asia. Information about the Company and its products is available on the internet at www.cvgrp.com.

About Accuride Corporation:

Accuride Corporation is one of the largest and most diversified manufacturers and suppliers of commercial vehicle components in North America.  Accuride's products include commercial vehicle wheels, wheel-end components and assemblies, truck body and chassis parts, and other commercial vehicle components.  Accuride's products are marketed under its brand names, which include Accuride®, Gunite®, Imperial™, Fabco™, Brillion™, and Highway Original®.  For more information, visit Accuride's website at http://www.accuridecorp.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 market conditions, integration opportunities, revenues, operating income and 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 services; (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) the impact of changes in governmental regulations on the Company's customers or on its business; (vi) the loss of business from a major customer or the discontinuation of particular commercial vehicle platforms; (vii) the Company's ability to obtain future financing due to changes in the lending markets or its financial position; (viii) the Company's failure to complete or successfully integrate additional strategic acquisitions; and (ix)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, 2009.  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.