Strategic Divestitures and Restructuring
CVG sold non-core businesses and facilities, including FinishTEK, Chillicothe, Ohio production facility, Cab Structures, and Industrial Automation, eliminating approximately 1,300 positions or 17% of its headcount to improve operational focus.
New Business Wins and Facility Openings
Secured approximately $97 million in new business wins in 2024, particularly in the Electrical Systems segment, and opened new facilities in Morocco and Aldama, Mexico.
Expected Cost Savings and Margin Expansion
Projected to deliver $15 million to $20 million in cost savings in 2025, with anticipated margin expansion despite expected revenue decline.
Positive Aftermarket Segment Growth
Aftermarket segment achieved a 4% revenue increase in Q4, marking the first year-over-year growth in six quarters.