NEW ALBANY, Ohio, March 8, 2016 /PRNewswire/ -- Commercial Vehicle Group, Inc. (the "Company" or "CVG") (Nasdaq: CVGI) today announced additional share gains in its Global Construction and Agriculture Segment. CVG is a leading supplier of a full range of cab related products and systems for the global commercial vehicle market, including domestic and international construction and agriculture markets. Incremental business within these segments span across multiple product lines, including wiper systems, wire harnesses, and trim components.
CVG supplies wiper systems into most of the industry segments we serve and has previously launched wiper products into the global Agriculture segment. The new wiper system wins are complementary to our existing platforms, and will apply to machines built in Europe and South America in addition to those built in the United States. Sales are projected to increase as additional models and markets are converted to use the new cab design.
In addition to wiper systems, CVG has signed incremental wire harnesses business with numerous Construction and Agriculture Original Equipment Manufacturers ("OEMs"). This new work is the result of expanded North America and European relationships with global construction and agriculture OEMs to win new business in Europe, positioning the Company for future growth with leading manufacturers. We continue to focus on global diversification by capitalizing on established relationships in North America and abroad. The new business addresses a variety of commercial vehicle applications across construction, agriculture, mining, power generation, specialty, and military vehicles. Our harnesses secure cables and wires, and protect them from wear and tear. CVG's electronic wire harness assemblies are integrated with our electrical distribution systems to provide user control over multiple operational functions and features, and can be processed to meet individual vehicle configurations and delivered in customer sequence, just-in-time.
CVG is continuing its focus in the agriculture segment, and is pleased to announce its selection by a global agriculture OEM as the supplier of additional thermoformed headliners & roof canopies. This follows CVG's successful 2015 launch of headliners for a separate tractor platform series. Production volume of the new components will ramp up beginning in the first half of 2016.
A majority of the business wins listed start production in 2016, while other components come on line starting in 2017. When fully implemented, all of the new launches represent $10 - $12 million of incremental revenue annually for CVG.
Patrick Miller, President and CEO of Commercial Vehicle Group said, "This business represents our continued focus to drive profitable organic growth through penetration of our addressable agriculture and construction markets. We are earning credibility with our customers in these markets through our performance on current business which is enabling opportunities to expand our support into additional products in our portfolio. This demonstrates our ability to cross sell multiple product capabilities into the global construction and agriculture segment of our business in line with our long term strategy."
About Commercial Vehicle Group, Inc.
Commercial Vehicle Group, Inc. is a Delaware (USA) corporation. We were formed as a privately-held company in August 2000. We became a publicly held company in 2004. The Company (and its subsidiaries) is a leading supplier of a full range of cab related products and systems for the global commercial vehicle market, including the medium-and heavy-duty truck market, the medium-and heavy-duty construction vehicle market, and the military, bus, agriculture, specialty transportation, mining, industrial equipment and off-road recreational markets. Information about the Company and its products is available on the internet at www.cvgrp.com.
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 its plans to improve financial results and enhance the Company, the future of the Company's end markets, Class 8 North America build rates, performance of the global construction equipment business, expected cost savings, enhanced shareholder value and other economic benefits of the consulting services, the Company's initiatives to address customer needs, organic growth, the Company's economic growth plans to focus on certain segments and markets 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) 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, construction, aftermarket, military, bus, agriculture and other markets; (v) the Company's failure to complete or successfully integrate 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 its revolving credit facility; (x) the Company's ability to realize the benefits of its cost reduction and strategic initiatives; (xi) a material weakness in our internal control over financial reporting which could, if not remediated, result in material misstatements in our financial statements; (xii) volatility and cyclicality in the commercial vehicle market adversely affecting us; and (xiii) 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, 2014. 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.