Commercial Vehicle Group Acquires Assets of Short Bark Industries, LLC
Commercial Vehicle Group, Inc. announced today that it has acquired certain assets from Short Bark Industries, LLC (”SBI”), a supplier of seat covers and various cut-and-sew trim products.
In exchange for the commercial vehicle cut-and-sew assets and operations acquired from SBI, CVG paid approximately $3.6 million in cash and has assumed approximately $1.9 million of net liabilities due to third parties and $1.3 million of net liabilities due to CVG.
Included in the transaction are two leased facilities in Tellico Plains and Pikeville, Tennessee, which CVG management will assume responsibility for, effective immediately. The two leased facilities employ approximately 200 associates and are located near CVG’s seating operation in Vonore, Tennessee. CVG also has a ninety-day option to assume the shares, assets or operations of SBI’s leased facility in Capilla de Guadalupe, Jalisco, Mexico, at no additional purchase price consideration. There are approximately 14 associates employed at the Mexico facility.
Lisa Held Janke, owner and Chief Executive Officer of SBI, will retain Short Bark’s military division and continue to focus on the military apparel business.
