Commercial Vehicle Group has sold its plastics decoration and finisher FinishTek subsidiary to Findlay, Ohio-based engraveable sheet supplier Rowmark LLC.
"As part of our strategy to drive revenue growth, primarily in our electrical systems business and improve our margins, we continually evaluate our portfolio of businesses and product lines for strategic fit and continued investment," James Ray, president and CEO of CVG, said in a Feb. 1 news release.
"This is a positive transaction for both companies and continues to optimize CVG's portfolio toward its core growth businesses," Ray said.
Dalton, Ga.-based FinishTek was a part of CVG's Vehicle Solutions segment for powersports, heavy-duty truck, appliance, automotive, turf, construction, and agriculture. It has 30 employees.
The deal includes FinishTek's 95,000 square feet of manufacturing and warehouse space.
Terms of the deal were not disclosed. Investment banking firm MBS Advisors represented CVG in the transaction.
"CVG and Rowmark are committed to a smooth transition for our customers, suppliers, and the employees," the release said.
Rowmark manufactures engravable sheet plastic for the awards, engraving and signage markets.
New Albany, Ohio-based Commercial Vehicle Group designs and manufactures electrical systems, vehicle components and accessories, plastic products and robotic assemblies.
FinishTek, specializes in UV hard coating, hydrographics and paint and plastic decorating and finishing.