Hot Growth Special Report 2006 >



Commercial Vehicle Group (CVGI)

The domestic automotive industry is hitting the brakes, but luckily for Commercial Vehicle Group (CVG) the demand for heavy-duty trucks is rolling along. The company, which makes cab interiors for highway rigs and construction trucks, boasted record revenue and net income in 2005. Sales, in fact, doubled to $754.5 million from 2004, while profits almost tripled to $49.5 million. The cyclical truck market is only one reason for CVG's success. Another: Under CEO Mervin Dunn, the company bought three other vehicle-components makers in 2005, topped by its $107.5 purchase of Mayflower Vehicle Systems. Incorporated in 2000, CVG went public in mid-2004 at $13 a share. Since then, its share price has risen more than 50%. But CVG's good fortunes may be slowing. Big truck sales are forecast to drop significantly in 2007, when new air pollution limits go into effect.

Company Info

2005 Rank


Market Value*
($ Millions)


($ Millions)


Sales Growth
(3-yr. avg. annual)

35.8 %

($ Millions)


Profit Growth
(3-yr. avg. annual)

116.7 %

Return on Inv. Capital (3-yr.)

8.7 %

Share Price
12-Mo. Hi/Lo


Share Price
As of 4/28/06


Return on Equity

23.9 %

P/E Ratio


No. of Employees


Industry Construction & Farm Machinery & Heavy Trucks


Location New Albany, OH
Phone 614 289-5360
*Trailing 12 months
Stock price data as of 4/28/06
DATA: Standard & Poor's Compustat

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Company Snapshot

Commercial Vehicle Group engages in the design and manufacture of system solutions for the global commercial vehicle market primarily in the U.S. It offers suspension seat systems, interior trim systems, cab structures and components, mirrors, wiper systems, electronic wiring harness assemblies, and controls and switches. The company's seat products include air suspension seats, static seats, passenger seats, bus seats, and rail car seats for class 8 heavy trucks and commercial vehicles used in the construction and agricultural industries. Its trim systems and components for the interior cabs of commercial vehicles include A-Pillars, B-Pillars, door panels, and interior trim panels. The company also provides instrument panels, body panels, storage systems, floor covering systems, sleeper bunks, grab handles and armrests, bumper fascias and fender covers, privacy curtains, and privacy curtains; and various mirrors, wipers, and controls used in commercial vehicles. Commercial Vehicle Group, formerly known as Bostrom Holding Inc., was founded in 2000. The company has its headquarters in New Albany, Ohio.

Data provided by Capital IQ
Mervin Dunn

Mervin Dunn, 52

Chief Executive Officer and President

Total Compensation*

$ 1,412,605

Total Options Value*

$ 4,892,881

* Fiscal Year 2005

Executive Bio

Mervin Dunn serves as director and is president and CEO of Commercial Vehicle Group. From October, 1999, to June, 2002, he served as vice-president, manufacturing, of Trim Systems. From 1998 to 1999, Dunn served as president and CEO of Bliss Technologies, a heavy metal stamping company. From 1988 to 1998, Dunn served in a number of key roles at Arvin Industries, including vice-president of operating systems (Arvin North America), vice-president of quality, and president of Arvin Ride Control. From 1986 to 1988, Dunn held several key management positions in engineering and quality assurance at Johnson Controls Automotive Group, an automotive trim company, including Division Quality Manager. From 1980 to 1986, Dunn served in a number of management positions for engineering and quality departments of Hyster, a manufacturer of heavy lift trucks.

Management Team

Key Executives

Mervin Dunn; Chad M. Utrup; James F. Williams; Gerald L. Armstrong; W. Gordon Boyd;

Board Directors

Scott D. Rued; Mervin Dunn; Scott C. Arves; David R. Bovee; Robert C. Griffin; S. A. Johnson; Richard A. Snell

Executive Data provided by Capital IQ