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 (“MD/HD Truck”)
market, the medium-and heavy-construction vehicle market, and the military,
bus, agriculture, specialty transportation, mining, industrial equipment and
off-road recreational markets.
The Company has manufacturing operations in the United States, Mexico, United
Kingdom, Czech Republic, Ukraine, China, India and Australia. Our products are
primarily sold in North America, Europe, and the Asia-Pacific region.
Our products include seats and seating systems (“Seats”); trim systems
and components (“Trim”); cab structures, sleeper boxes, body panels
and structural components; mirrors, wipers and controls; and electronic wire
harness and panel assemblies specifically designed for applications in commercial
and other vehicles.
We are differentiated from automotive industry suppliers by our ability to manufacture
low volume, customized products on a sequenced basis to meet the requirements
of our customers. We believe our products are used by a majority of the North
American MD/HD Truck and certain leading global construction and agriculture
original equipment manufacturers (“OEMs”), which we believe creates
an opportunity to cross-sell our products.
Our long-term strategic plan is a roadmap by product, geographic region, and
end market to guide resource allocation and other decision making to achieve
our long-term goals. The overarching goal is to deliver top quartile total shareholder
return. To that end, we evaluated our opportunity to grow organically by end
market. We currently believe we have approximately 5% market share of the addressable
global truck, bus, construction and agriculture end markets. Accordingly, we
believe we have significant opportunity to grow organically in our end markets.
We evaluated our product portfolio in the context of this organic market growth
opportunity and our ability to win in the marketplace. Our core products are
Seats, Trim and wire harnesses and our complementary products include structures,
wipers, mirrors and office seats. We expect to realize some geographic diversification
over the planned period toward the Asia-Pacific region. We also expect to realize
some end market diversification more weighted toward the agriculture market,
and to a lesser extent the construction market. We intend to allocate resources
consistent with our strategic plan; and more specifically, consistent with our
core and complementary product portfolio, geographic region and end market diversification
objectives. We periodically evaluate our long-term strategic plan in response
to significant changes in our business environment and other factors.
Our operations are comprised of two reportable segments: the Global Truck and
Bus Segment (“GTB Segment”) and the Global Construction and Agriculture
Segment (“GCA Segment”). This is consistent with how the Chief Operating
Decision Maker ("CODM"), the Companys President and Chief Executive
Officer, manages the business. Each of these segments consists of a number of
manufacturing facilities. Generally, the facilities in the GTB Segment manufacture
and sell Seats, Trim, wipers, mirrors, structures and other products into the
MD/HD Truck and bus markets. Generally, the facilities in the GCA Segment manufacture
and sell wire harnesses, Seats and other products into the construction and
agriculture markets. Both segments participate in the aftermarket. Certain of
our manufacturing facilities manufacture and sell products through both of our
segments. Each manufacturing facility that sells products through both segments
is reflected in the financial results of the segment that has the greatest amount
of sales from that manufacturing facility.
The GTB Segment manufactures and sells the following products:
Seats; Trim; sleeper boxes; and cab structures, structural components and body
panels. These products are sold primarily to the MD/HD Truck markets in North
America;
Seats to the truck and bus markets in Asia-Pacific and Europe;
Mirrors and wiper systems to the truck, bus, agriculture, construction, rail,
and military markets in North America;
Trim to the recreational and specialty vehicle market in North America; and
Aftermarket seats and components in North America.
The GCA Segment manufactures and sells the following products:
Electronic wire harness assemblies and Seats for construction, agricultural,
industrial, automotive, mining and military industries in North America, Europe
and Asia-Pacific;
Seats to the truck and bus markets in Asia-Pacific and Europe;
Wiper systems to the construction and agriculture market in Europe;
Office seating in Europe and Asia-Pacific; and
Aftermarket seats and components in Europe and Asia-Pacific