US component manufacturer Commercial Vehicle Group has acquired Stratos Seating of Sydney, Australia, a seat supplier to the Australian military, truck and specialty vehicle markets.
"This acquisition not only expands our Australian presence in the military and truck markets, but also enhances our overall product offering with the addition of the unique Stratos suspension system and military seating products," said W. Gordon Boyd, president of Commercial Vehicle Group's Seating Systems Group.
"Stratos is yet another positive step in our global expansion and diversification strategy and we are excited to move forward with Stratos and all of their employees and customers," he added.
The total cash consideration for the transaction was approximately $2.3 million. For the full year 2011, the company expects Stratos revenues to be in the range of $5.0 million with operating income in the range of $0.8 million.
New Albany, Ohio-based CVG is a global supplier to the commercial vehicle market, including the heavy-duty truck market, the construction and agriculture markets and the specialty and military transportation markets.
Its products include static and suspension seat systems, electronic wire harness assemblies, controls and switches, interior trim systems, and mirrors and wiper systems specifically designed for applications in commercial vehicles.
The company has operations throughout North America, Europe and Asia.
