Commercial Vehicle Group Inc. is expanding in India with the purchase of a company that makes seats for buses.
The New Albany-based manufacturer paid $13.7 million for Vijayjyot Seats Private Limited, with the potential to pay up to $1.9 million more based on sales in the next two years.
"This acquisition is an ideal match for our strategic plan of growth and expansion into the India commercial vehicle market and complements our existing initiatives in the construction and truck markets of India," Mervin Dunn, president and CEO, said in a statement.
Vijayjyot has 108 full-time employees plus temporary workers. It works out of leased plants in three regions of India. Top customers include Tata Motors and Volvo/Eicher.
Commercial Vehicle makes seats and other parts for the heavy-trucks, along with the military, agriculture and construction markets.
The company operated a facility in Norwalk before closing it in November 2010. About 120 employees lost their jobs when that happened.
(c)2012 The Columbus Dispatch (Columbus, Ohio)
Visit The Columbus Dispatch (Columbus, Ohio) at www.dispatch.com
Distributed by MCT Information Services