The 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 and was expanded in October 2006 by buying the European Lear Interior business.
Since March 2006, IAC Europe is up-and-running and on the way to play a key role in the European Automotive Interior and Exterior market for parts like instrument panels/cockpits, door panels, headliners, complete carpet & acoustic systems and bumpers.
Global presence is part of IAC’s growth strategy
On October 16th, 2006 Wilbur L. Ross, Chairman of International Automotive Components Group, LLC (IAC), announced the final acquisition of substantially all of Lear Corp.’s (LEA-NYSE) European interior systems division (ISD) for a 34% equity interest in IAC.
Its 21 facilities are located in Belgium, Czech Republic, Germany, Slovakia, The Netherlands, Spain, Sweden and the United Kingdom.
Financial stability, highest quality and best-in-class solutions are success factors for IAC.
On December 1st, 2006 Wilbur L. Ross announced a definitive agreement for IAC North America to acquire Lear Corporations North American Interior Systems Division.
The operations being acquired by IAC NA include 26 facilities located in the United States, Canada and Mexico with revenues of approximately $2.6 billion. The facilities supply cockpits, door panels, flooring and acoustics, instrument panels, interior trim and overhead systems to various original equipment manufacturers.
On April 2nd 2007, the completion of the North America transaction has been announced.
In April 2007 Wilbur L. Ross announced that IAC North America has signed a definitive agreement with Collins & Aikman (“C&A”) to acquire C&A’s Carpet & Acoustics Division (“Soft Trim”). The Soft Trim operations include 16 facilities located in the US, Canada and Mexico. The facilities supply a broad range of automotive interior carpet and acoustic products including molded flooring systems, accessory mats, dash insulators, package trays and trunk liners. On October 12th 2007, IAC announced that it has completed the acquisition of the Soft Trim Division from Collins & Aikman.
Additionally, IAC concluded its acquisition of a C&A manufacturing facility in Saltillo, Mexico on October 1, 2007. The Saltillo facility manufactures injection molded components, including instrument panels, doors, fascias and interior trim.
Furthermore IAC announced on November 7, 2007 the completion of the acquisition of Collins and Aikman’s (C&A) manufacturing facility in Hermosillo, Mexico. The facility primarily
manufactures and assembles instrument panels and door panels for Ford Motor Company.
IAC has acquired a majority interest (56%) in Plascar Participacoes Industriais S.A. which is listed on the Sao Paolo stock exchange. Plascar is a leading interior and exterior supplier producing parts for all major OEM’s like VW, GM/Opel and Mercedes Heavy Trucks. The turnover is approx. $ 360 Mio.
We are delighted to have Plascar as an IAC Group member on board to cover the South American Automotive Market with 4 plants in Brazil and 4 plants in Argentina.
On September 12th, 2006 Wilbur L. Ross announced the acquisition of Mitsuboshi Belting Kaseihin Co., Ltd. (“MBK”) from Tokyo Stock Exchange listed Mitsuboshi Belting, Ltd. (Tokyo Stock Exchange 5192).
MBK has two factories in Komaki City and one factory in Yokosuka City, Japan and has a revenue of about $170 Mio.
MBK supplies instrument panels, center consoles, door panels and other plastic products for automotive interiors to every major OEM in Japan.
Mr. Ross stated: "This acquisition by IAC Group Japan, our joint venture with Franklin Mutual Advisers, is the first by a Western auto supplier of a major Japanese automotive interiors and exteriors company."
2 Joint Venture Companies in China (1 for interior trim, 1 for Carpet & Acoustics ) are included in the IAC North America agreement, giving IAC access to the fast growing Chinese Automotive market and are strengthening our footprint in Asia.
