Commercial Vehicle getting more Volvo business
Commercial Vehicle Group Inc. said that it has won a competitive contract to make interior products for Volvo Trucks North America.
The New Albany-based truck parts maker said that under the new contract, it will ship a range of interior products for use on Volvo and Mack-branded trucks. Business will be phased in starting Tuesday and will be up and running in full by the end of June, the company said.
Commercial Vehicle (NASDAQ:CVGI) said it expects to bring in about $8 million a year based on heavy-duty truck building rates in North America. Volvo/Mack is a longstanding customer of Commercial Vehicle's, accounting for 10 percent or more of the company's annual revenue in the past three years.
CEO Mervin Dunn said the new contract should give the company an even greater strategic advantage.
"The fact that we achieved this business under a competitive bidding process is a testament to the quality of our product and the capability of our work force,"Dunn said in a release. "We are also pleased that this new business includes multiple CVG products for sleeper cabs as well as day cabs, which helps us diversify and increase our content per vehicle."
The contract arrives at a crucial time for the company, which this month announced plans to close a plant in Vancouver, Wash., cutting 71 employees. That followed the rollout of a $10 million cost-cutting plan that calls for closing five plants, cutting 150 jobs, freezing employee salaries and eliminating the company's 401(k) matching program.
Commercial Vehicle lost $206.8 million on $763.5 million last year, according to documents filed with the Securities and Exchange Commission.
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