Commercial Vehicle Group, Inc. Announces Expanded Presence In Truck And Construction Seating In China With New Customer Wins
May 13, 2019 at 07:00 AM EDT
NEW ALBANY, Ohio, May 13, 2019 /PRNewswire/ -- Commercial Vehicle Group, Inc. (the "Company" or "CVG") (NASDAQ: CVGI) today announced an expanded presence in truck and construction seating in East Asia following new customer wins totaling approximately $10 to 13 million in annual revenue, at full run rate.
Patrick Miller, President and Chief Executive Officer, commented, "As market demand for higher performance seats is increasing, our efforts to expand our presence in truck and construction seating in East Asia are bearing fruit. We remain well positioned to capture further growth in this attractive region through our continued focus on product innovation and superior quality."
The Company announced that CVG Shanghai entered into a supply agreement for a seat product variant based on its World Platform ("WP") seat solution for Sany, a global manufacturer of industry-leading truck, construction and mining equipment, and port and oil drilling machinery. CVG Shanghai began shipping seats to Sany in late 2018.
The WP seat features a full range of features and adjustments including memory settings and heat/vent. As truck manufacturers in China have moved to benchmarking popular European platforms, the highest-end truck market in the world, those same features are increasingly being integrated into offerings in the region.
CVG also announced that it has been awarded seat business for the next generation excavator platform from Zoomlion, a global manufacturer of construction machinery. The seat product comes from KAB Seating's 'SCIOX' range. With an anticipated mid-year 2019 launch, the newly developed machines will be sold into the domestic China market and are also expected to be exported for sale in North America.
SCIOX, the newest seat to the KAB range, is a modular, entry-mid level seating range that has been developed for users of agricultural and construction vehicles. Extensive research and customer feedback were used to design and engineer the SCIOX seat to offer a best value solution with premium durability and sculpted cushions to maintain comfort all day long, in addition to the air suspension system that offers the driver protection from vibration.
Further, CVG also announced that it has been engaged by Hyundai to supply CVG's 600 series product portfolio for Hyundai's new model excavator targeting the domestic Korean market. The 600 series is a modular design integrating styling and adjustability to enhance operator comfort and aesthetic appeal in the cabin.
Mr. Miller continued, "We are pleased to continue our growth in truck and construction seating in East Asia and expect these opportunities will result in incremental sales of approximately $10 to 13 million annually."
About Commercial Vehicle Group, Inc.
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SOURCE Commercial Vehicle Group, Inc.