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Auto News Articles - International Automotive Components to Acquire Lears European Interior Systems Division
News Article
International Automotive Components to Acquire Lears European Interior Systems Division
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Source: PR Newswire
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Date:3/29/2006
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Source Link: Click Here |
Robert E. Rossiter, Chairman and CEO of
Lear Corp., and Wilbur L. Ross, Chairman of International Automotive
Components Group ("IAC"), announced today an agreement in principle for IAC to
acquire Lear's European Interiors Systems Division on a debt-free basis in
exchange for 34% 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. 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.
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