Tuesday, July 21, 2009

Commercial Vehicle Group

Commercial Vehicle Group is a supplier of fully integrated system solutions for the global commercial vehicle market, including the heavy-duty truck market, the construction and agriculture market and the specialty and military transportation markets. The Company's products include suspension seat systems, interior trim systems, such as instrument and door panels, headliners, cabinetry, molded products and floor systems, cab structures and components, mirrors, wiper systems, electronic wiring harness assemblies and controls and switches specifically designed for applications in commercial vehicle cabs. The Company is headquartered in New Albany, OH with operations throughout North America, Europe (France in part) and Asia (Australia in part).The Group's products are marketed under the brand names: KAB Seating, National Seating, Trim Systems, Sprague Devices, Sprague Controls, Prutsmantm, Moto Mirrortm, roadWatch and Road Scan. Information about the Company and its products is available on the internet at www.cvgrp.com.

10 February 2009 the Commercial Vehicle Group, Inc. reported preliminary revenues of $763.5 million for the year ended December 31, 2008, compared to $696.8 million for the prior year period. Preliminary operating income for the year ended 2008 was $16.1 million, compared to $18.8 million for the prior year. The preliminary results for 2008 did not include any non-cash charges related to impairment of goodwill or other assets. Net debt (calculated as total debt less cash and cash equivalents) was approximately $157.6 million at December 31, 2008 compared to $149.9 million at December 31, 2007. Capital expenditures were $14.4 million, or 1.9% of revenues, for the year ended December 31, 2008.

Commercial Vehicle Group Stockholder Rights Plan

On May 21, 2009 the Commercial Vehicle Group, Inc. announced that its Board of Directors had adopted a Stockholder Rights Plan (Rights Plan), designed to provide Commercial Vehicle Group's stockholders a fair and equal treatment in the event an unsolicited or hostile attempt is made to acquire the Company or a substantial portion of the Company.

Under the Rights Plan, with certain exceptions, the Rights will become exercisable only if a person or group acquires 20 percent or more of the outstanding common stock of the Company or commences a tender or exchange offer that could result in ownership of 20 percent or more of the Company's common stock. The Rights Plan has a term of 10 years and will expire on May 20, 2019, unless the Rights are earlier redeemed or terminated by the Board of Directors of CVG.

Sunday, July 19, 2009

Commercial vehicle operators strike

Two dozens of commercial vehicle operators associations called for strike starting July 24 to protest the Calcutta state (India) government's decision to prohibit operation of all commercial vehicles that are more than 15 years old.

According to Kolkata metropolitian Bus and Mini Bus Owners Association this strake is in response to the state government neglecting the interests of commercial buses and other commercial vehicles owners, who declared unilatural decision to impose a ban on vehicles that are over 15 years old. The stike is indefinite and it has been called under the slogan of saving the commercial vehicle committee. It will start all across West Bengal July 24 and continue for an indefinite period. The strike participants intend to send the letter telling about their demands to the state Transport Minister Subhas Chakraborty.

Last year the Calcutta High Court ruled out the ban of the commercial vehicles that are over 15 years old from Kolkata and its ajacent area including locations of the north and south 24-Parganas, Howrah and Hooghly district. With the time passing afte the court order the ban was postponed until the end of July this year upon the government's request. Now the ban was confirmed by the state Transport Secretary Sumanto Chowdhury.

Saturday, July 4, 2009

Briefing by Secretary of Commerce Gary Locke and Press Secretary Robert Gibbs, 6/10/09

Jun 11, 2009 (WHITE HOUSE RELEASE/ContentWorks via COMTEX) -- Office of the Press Secretary For Immediate Release June 10, 2009 PRESS BRIEFING BY PRESS SECRETARY ROBERT GIBBS AND SECRETARY OF COMMERCE GARY LOCKE James S. Brady Press Briefing Room 2:15 P.M. EDT MR. GIBBS: Again, in my endeavoring pursuit to bring you special guests, today obviously we have the Secretary of Commerce, Gary Locke, who is going to talk to you guys and give you a little bit of an update on the impending deadline of the transition for digital television, which takes place at the end of this week.

SECRETARY LOCKE: ... today I'm here to remind Americans about the impending national switch to digital television. It's just two days away, Friday, June 12th.

In February, President Obama signed the DTV Delay Act, which set June 12th as the final deadline for television broadcasters to transition from analog to digital signals. The President acted out of concerns for the millions of Americans who would have been left in the dark if the conversion had gone on as planned.

The Commerce Department and the FCC have been spearheading efforts to ensure all Americans are ready for the switchover, and great progress has been made in just the last three months since Recovery Act funds were made available. But with the deadline fast approaching, some people are still unprepared, some 2.5 percent of American households, or 2.8 million households.

Here is what the American people need to know about the June 12th switchover: If you currently have cable, satellite, or some other paid-for television service, you have nothing to worry about. You are prepared; you don't need to do anything, and June 12th you'll see no change in your television reception or programming.

If you have a new television set purchased, let's say, within the last one year, those new television sets come automatically with a digital tuner. So if you have a television set a year old or newer, you're prepared; you don't need to do anything, you don't need to worry.