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Commercial Vehicle Group Acquired First Source Electronics

Auto News - Published on Tue, 24 Sep 2019

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Commercial Vehicle Group Inc announced the acquisition of substantially all of the assets and assumption of certain liabilities of First Source Electronics, LLC a leading electronics systems integrator based in Elkridge, MD that serves a diverse range of market segments including industrials, transportation and military. FSE’s trailing twelve month sales as of June 30, 2019 was approximately USD 46 million. The transaction is expected to be accretive to operating income and earnings per share in year one.

FSE is a provider of electrical systems integration and manufacturing services, with specific areas of expertise in electro-mechanical assemblies, cable and wire harness assemblies, chassis integration, and cabinet, panel, and rack assemblies. Its customers are in highly demanding markets where reliability and peak performance are critical.

Mr Patrick Miller, President and Chief Executive Officer said that “The proliferation of digitalization, connectivity and other power and data applications present meaningful growth opportunities for CVG. FSE strengthens our competitive positioning to take advantage of these dynamic trends, complementing our high-complexity, low-to-medium volume electrical business. This strategic acquisition will be a strong contributor to our long-term growth, providing us with the opportunity to leverage our global footprint and maximize cross selling opportunities, while also creating an entry into the warehouse automation market. We are excited to welcome FSE to the CVG organization.”

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Posted By : Mohan Sharma on Tue, 24 Sep 2019
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