NEW ALBANY, Ohio — Commercial Vehicle Group announced today that it has acquired certain assets of Stratos Seating, a seat supplier to the Australian military, truck and specialty vehicle markets. Stratos is located in Wetherill Park, Sydney, Australia.
"This acquisition not only expands our Australian presence in the military and truck markets, but also enhances our overall product offering with the addition of the unique Stratos suspension system and military seating products," said W. Gordon Boyd, president of Commercial Vehicle Group’s Seating Systems Group. "Stratos is yet another positive step in our global expansion and diversification strategy and we are excited to move forward with Stratos and all of their employees and customers."
Total cash consideration for the transaction was approximately $2.3 million. For the full year 2011, the company expects Stratos revenues to be in the range of $5 million with operating income in the range of $0.8 million and depreciation and amortization of approximately $0.1 million.
Also this week, CVGI reported second quarter 2011 revenues of $206.8 million, up 45.3 percent, compared to $142.3 million for the prior-year period.
Operating income for the second quarter was $11.3 million, compared to $2.6 million for the second quarter of 2010. Net loss was $2.2 million for the second quarter, or (8 cents) per diluted share, compared to net income of $0.7 million, or 2 cents per diluted share in the prior-year quarter.
