PALM BEACH, FL — International Auto Components Group (IAC), the joint venture company recently formed by WL Ross & Co. LLC, Franklin Mutual Advisers LLC, and Lear Corp., has signed a definitive agreement to acquire from Collins & Aikman Europe (C&A) its $600 million operations in Austria, Belgium, Czech Republic, Germany, Netherlands, Slovakia, Spain, Sweden and the United Kingdom. These operations serve Ford, General Motors, DaimlerChrysler, Porsche, Saab, Volkswagen, Volvo and other original equipment manufacturers.
Wilbur Ross, chairman of IAC said, “We are delighted to make IAC’s first acquisition within a month of announcing the joint venture company. We also are appreciative that the automobile industry has decided to support our efforts. This is the start of a major global factor in the automotive interior plastics industry.”
The transaction is subject to certain conditions including approval by Monopoly Commissions, landlords, and customers, but is expected to close early in 2006. The purchase price is subject to certain final adjustments but in any event involves cash well in excess of $100 million and assumption by IAC of certain liabilities and commitments of C&A. Exchange on the C&A business in Austria is subject to approval of the local insolvency authority and the Austrian Court.
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