Commercial Vehicle Group Inc. (CVGI) 6089年年度报告「NASDAQ」.pdf

1、CVG.in it for the long haul.09ANNUAL REPORtMILItARYAGRICULtUREMARINESPECIALtYBUSCONStRUCtIONHEAVY tRUCkWe are encouraged by our accomplishments during 2009,even though it was a very challenging time on a global scale.During the year,we worked hard to keep CVG a diversified global leader despite the

2、continuing recession and a 40%drop in our revenues from the prior year.To better position CVG for the future,we focused heavily on reducing costs,developing innovative products,voluntarily exiting certain products,earning additional business from new and existing customers and modifying our capital

3、structure.FROM tHE CEOIn response to production decreases in the North American Class 8 heavy truck and global construction markets,we rationalized operations and closed or consolidated facilities world-wide.We reduced our workforce by more than 20%and significantly reduced our SG&A cost structure.W

4、e did this by making very difficult decisions,which affected many employees and their families and while not easy,it was necessary to better position CVG for the future.Going forward,we will continue to focus on maintaining and improving our lean and flexible cost structure.Letter to the Stockholder

5、s09ANNUAL REPORtWe are pleased with the new business opportunities we won in 2009.We began producing seating and interior components for a new customer which will be sold in Japan as well as other global markets.We also earned additional business with several of our key North American OEM truck cust

6、omers and gained new business with our products for the military.We also developed new business in the domestic Chinese market as a result of the efforts of our team in China working with local OEMs to expand our presence in the truck and construction vehicle markets.We believe Asia represents a sig