By Evan Weese, web coordinator, Business First
Commercial Vehicle Group Inc. has acquired the assets
of Daltek LLC, a maker of interior and exterior films, paints and other
finishes, for $13.2 million, as it looks to continue diversifying its product
mix.
Daltek operates two plants and employs 42 workers in Dalton, GA,
primarily serving the all-terrain and utility-vehicle markets for Honda, John
Deere, Yamaha and Bemis.
"This acquisition complements our existing exterior and
interior trim products and fits our long-term strategic plan for growth and
diversification outside of the Class
8 market," Commercial Vehicle Group CEO Mervin
Dunn said in a press release.
The deal is expected to bring CVG revenue of more than $13
million with operating income of $3 million, increasing share earnings by an
estimated 7 cents in 2013.
Spokesman John Hyre said the company's business once was
fully rooted in heavy-duty Class 8 vehicles, including tractor trailers, but it
now gets less than 50 percent of its business from that segment. The
diversification, he said, makes Commercial Vehicle's stock less susceptible to
cyclical pressures.
New Albany-based CVG (NASDAQ:CVGI) in November disclosed
the purchase of Indian seat-maker Vijayjyot for $13.7
million, a deal Hyre called a geographic as well as operational
diversification.
The company employs about 130 workers in the Columbus area with its headquarters and
research-and-development facility in New
Albany.
