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The Bostrom Board of directors has recommended to the shareholders of the company that they accept a bid for the Group from Commercial Vehicle Systems (CVS).
CVS plc will form part of a portfolio of companies managed by Heavy Duty Holdings (HDH) currently consisting of Trim Systems and CVS Inc., which together are the leaders in supplying interior trim, mirrors and windscreen wipers to the US heavy truck market.
HDH has been formed with the objective of becoming the leading supplier of components and systems to heavy vehicle manufacturers world-wide.
Tony Johnson, Chairman of CVS and other automotive component and system suppliers with combined sales in excess of $5.0bn, said "CVS was established to become a leading supplier of components and systems to heavy equipment manufacturers world-wide. We believe that Bostrom is a well-managed business, but is in an industry undergoing significant consolidation. Cost pressures, technology advancements and global logistic requirements demand increasing scale. CVS believes it can establish Bostrom as a platform company and consolidate other products and capabilities with it to provide complete systems that add value for our customers and provide the needed scale in an increasingly competitive market." |
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| Posted : 11 Sep 2000 |
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