Debt Reduction and Cash Flow Improvement
The company successfully paid down $13 million in debt and received $20 million in proceeds from the sale of the cab structure business, contributing to a free cash flow of $17 million for the quarter.
Strategic Portfolio Streamlining
CVG sold its FinishTEK, cab structures business, Chillicothe, Ohio facility, and Industrial Automation segment, which is expected to create a more streamlined operating model and drive future margin expansion.
New Business Wins
CVG added $18 million in new business wins during the third quarter, bringing the year-to-date total to approximately $95 million across all segments.
Leadership Additions for Growth
The company appointed Peter Lugo as leader of the Electrical Systems segment and Carlos Jimenez as Executive Vice President of Global Operations and Supply Chain to drive growth and operational excellence.