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.