From aftermarketNews.com Staff & Wire Reports
DETROIT — Wilbur Ross, chairman of International Automotive Components Group (IAC), continues to grow his automotive empire. It was announced that IAC will acquire Lear’s European Interiors Systems Division on a debt-free basis in exchange for 34 percent of the stock in IAC.
IAC was recently formed by WL Ross & Co. LLC and Franklin Mutual Advisers, LLC initially to acquire for cash the principal businesses of Collins & Aikman Corp. in Europe. Ross has been making headlines over the past several months talking about his desire to create a massive automotive supply company with the global footprint to match the automakers.
“We announced last October a plan to create the global automotive industry’s largest plastics company. This step makes us the largest, most diverse and best capitalized automotive plastics company in Europe and positions IAC to expand throughout the world. We continue to believe that the automotive original equipment manufacturers will support well-capitalized global suppliers for essential components,” said Ross.
Pro-forma revenues will be approximately $1.2 billion derived from plants located in Genk, Belgium; Hodonin and Prestice, Czech Republic; Cologne, Lambrecht, Plattling and Zwiesel, Germany; Born, Netherlands; Teresin, Poland; Lozorno, Slovakia; Logrono and Vitoria, Spain; Fargelanda, Gothenborg, Skara, Tanum, Tidaholm, and Torslander, Sweden; and Coleshill, Elmdon and Sunderland in the United Kingdom.
“The combination of our interiors operations with Collins & Aikman’s in Europe provides a solid platform for improving ongoing operating performance and represents an important step toward putting in place a new global business model for this market segment,” added Bob Rossiter, Lear’s chairman and chief executive officer.
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