NEW YORK -- International Automotive Components Group North America (IAC NA), LLC has executed a definitive agreement with the Mexican subsidiary of Collins & Aikman Corp. (C&A) to acquire C&A's facility in Hermosillo, Mexico. IAC NA is a joint venture between WL Ross & Co. LLC, Franklin Mutual Advisers, LLC and Lear Corp.

IAC NA will purchase the plant for $17 million plus the assumption on a restructured basis of certain liabilities.

Built in 2004, Hermosillo is a 430,000-square-foot facility with annual revenues in excess of $200 million and more than 1,200 employees. The plant primarily manufactures and assembles instrument panels and door panels for Ford Motor Co.