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News Breaks | | | | November 5, 2012 | | 09:43 EDT |  | CVGI | Commercial Vehicle Group announces acquisition of India CVG Seating
Commercial Vehicle Group announced that its company in India, CVG Seating Private, has acquired substantially all of the seat assembly assets of Vijayjyot Seats Private Limited. The acquired business has three leased facilities in the Baska, Pune and Dharwad regions of India and employs approximately 108 full time associates in addition to certain temporary workers at each of the three facilities. Total upfront cash consideration for the transaction was approximately $13.7M, with an additional maximum earn-out potential of up to approximately $1.9M based on EBITDA performance during the first two years of the acquisition. For the FY13, the company expects the acquisition to achieve revenues of approximately $28M, operating income of approximately $1.4M and depreciation and amortization expense of approximately $M. The company expects the acquisition to be incremental to earnings per share by approximately 3c per share for the full year 2013. | |
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