Commercial Vehicle Group Announces Sale Of Cab Structures Business With Operations In Kings Mountain, North Carolina To A Volvo Group Company, Effective July 31, 2024 With Net Proceeds Of ~$40M; CVG Expects To Update Its FY24 Outlook The Divestiture In Q2 2024
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Commercial Vehicle Group (CVGI) announced the sale of its Cab Structures business to a Volvo Group company for $40 million, effective July 31, 2024. The divestiture will streamline CVG's focus and is part of its long-term growth strategy. The proceeds will be used for debt paydown and general corporate purposes. CVG will update its FY24 outlook in its Q2 2024 earnings release on August 5, 2024.
August 01, 2024 | 8:36 pm
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CVGI announced the sale of its Cab Structures business to a Volvo Group company for $40 million, effective July 31, 2024. The divestiture will streamline CVG's focus and is part of its long-term growth strategy. The proceeds will be used for debt paydown and general corporate purposes. CVG will update its FY24 outlook in its Q2 2024 earnings release on August 5, 2024.
The sale of the Cab Structures business will provide CVGI with $40 million in proceeds, which will be used for debt reduction and other corporate purposes. This divestiture aligns with CVGI's long-term growth strategy and will streamline its operations. The update to the FY24 outlook in the Q2 2024 earnings release will provide further clarity on the financial impact.
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