NEW YORK — Wilbur Ross, chairman of International Automotive Components Group, LLC (IAC), has announced a definitive agreement to acquire substantially all of Lear Corp.’s European interior systems division for a 34 percent equity interest in IAC.
International Automotive Components Group was formed in October, 2005 by WL Ross & Co. LLC and Franklin Mutual Advisers, LLC to acquire the European assets of Collins & Aikman.
The combined company would have revenues of $1.2 billion and a net worth of $300 million. Its 20 facilities are located in Belgium, Poland, Czech Republic, Germany, The Netherlands, Slovakia, Spain, Sweden and the United Kingdom.
European anti-trust clearance has already been obtained and the closing is expected before September 30, subject to satisfaction of customary closing conditions.
Commenting on the acquisition, Ross said, “The new company will be a major factor in Europe with first or second place market share in each of its core products. Since our Plascar affiliate is also the leader in Brazil, our next geographical targets will be in North America and Asia.”
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