Commercial Vehicle Group Acquires Assets of Short Bark Industries, LLC

Commercial Vehicle Group (CVG) has acquired certain assets from Short Bark Industries, LLC (SBI), a supplier of seat covers and various cut-and-sew trim products. In exchange for the commercial vehicle cut-and-sew assets and operations acquired from SBI, CVG paid approximately $3.6 million in cash and has assumed approximately $1.9 million of net liabilities due to third parties and $1.3 million of net liabilities due to CVG.

NEW ALBANY, Ohio — Commercial Vehicle Group (CVG) has acquired certain assets from Short Bark Industries, LLC (SBI), a supplier of seat covers and various cut-and-sew trim products.

In exchange for the commercial vehicle cut-and-sew assets and operations acquired from SBI, CVG paid approximately $3.6 million in cash and has assumed approximately $1.9 million of net liabilities due to third parties and $1.3 million of net liabilities due to CVG.

Included in the transaction are two leased facilities in Tellico Plains and Pikeville, TN, which CVG management will assume responsibility for, effective immediately. The two leased facilities employ approximately 200 associates and are located near CVG’s seating operation in Vonore, TN. CVG also has a 90-day option to assume the shares, assets or operations of SBI’s leased facility in Capilla de Guadalupe, Jalisco, Mexico, at no additional purchase price consideration. There are approximately 14 associates employed at the Mexico facility.

CVG estimates the transaction to be neutral to the company’s diluted EPS for the remainder of 2007 and accretive by approximately 2 cents per diluted share for the full year 2008.

"In addition to the strategic and logistical advantages, this transaction provides us with a margin enhancement opportunity," said Chad Utrup, chief financial officer of Commercial Vehicle Group. "Because nearly all of the cut-and-sew products from the acquisition will be supplied directly to our existing operations, our top line revenue is not expected to increase; however, we will realize bottom line margin improvement from the profitability and productivity of the operations."

For the period of Dec. 5 to Dec. 31, the company does not expect any change to its previous estimates as a result of the transaction. For the full year 2008, the company does not anticipate an increase in revenues and expects operating income in the range of $1.3 million and depreciation in the range of $0.2 million as a result of this transaction.

For more information about Commercial Vehicle Group, Inc., visit: http://www.cvgrp.com.