NEW ALBANY, Ohio, Feb. 20 /PRNewswire-FirstCall/ -- Commercial Vehicle
Group, Inc. (Nasdaq: CVGI) announced today that its senior management team
volunteered to take a 10 percent reduction in base salary effective
immediately as part of the Company's ongoing efforts to align costs for 2009
with the expected decline in the Company's end markets.
"As a management team, we feel this is a necessary step as we continue to
look for cost savings while we manage through the current economic
environment," said Mervin Dunn, President and Chief Executive Officer. "We
will re-evaluate this decision as we progress through the year and make
additional adjustments as necessary," added Mr. Dunn.
About Commercial Vehicle Group, Inc.
Commercial Vehicle Group is a leading 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 and Asia. Information about the Company and
its products is available on the internet at www.cvgrp.com.
Forward-Looking Statements
This press release contains forward-looking statements that are subject to
risks and uncertainties. These statements often include words such as
"believe," "expect," "anticipate," "intend," "plan," "estimate," or similar
expressions. In particular, this press release may contain forward-looking
statements about Company estimates for future periods with respect to cost
savings or other financial information. These statements are based on certain
assumptions that the Company has made in light of its experience in the
industry as well as its perspective on historical trends, current conditions,
expected future developments and other factors it believes are appropriate
under the circumstances. Actual results may differ materially from the
anticipated results because of certain risks and uncertainties, including but
not limited to: (i) the Company's ability to develop or successfully introduce
new products; (ii) risks associated with conducting business in foreign
countries and currencies; (iii) general economic or business conditions
affecting the markets in which the Company serves; (iv) increased competition
in the heavy-duty truck market; (v) the Company's failure to complete or
successfully integrate additional strategic acquisitions; (vi) the impact of
changes in governmental regulations on the Company's customers or on its
business; (vii) the loss of business from a major customer or the
discontinuation of particular commercial vehicle platforms; and (viii) various
other risks as outlined in the Company's SEC filings. There can be no
assurance that statements made in this press release relating to future events
will be achieved. The Company undertakes no obligation to update or revise
forward-looking statements to reflect changed assumptions, the occurrence of
unanticipated events or changes to future operating results over time. All
subsequent written and oral forward-looking statements attributable to the
Company or persons acting on behalf of the Company are expressly qualified in
their entirety by such cautionary statements.
SOURCE Commercial Vehicle Group, Inc.
CONTACT: John Hyre, Investor Relations
Commercial Vehicle Group, Inc.
1-614-289-5157
Web Site: http://www.cvgrp.com
