Industry News

News Headlines
Today's news in full
News Summaries
Syndication

10th October 2006

Wilbur L. Ross, chairman of International Automotive Components Group, has announced the completion of IAC’s previously proposed acquisition of Mitsuboshi Belting Kaseihin Co. Ltd. from Mitsuboshi Belting, Ltd. The three MBK manufacturing facilities in Japan supply automotive interior and exterior plastic parts to every major OEM in Japan, including Toyota, Nissan, Honda, Calsonic Kansei and Mitsubishi.

MBK's $170 million in sales will bring total IAC Group revenues to more than $1.5 billion in Eastern and Western Europe, Brazil, Argentina and Japan. The transaction will enable MBK to follow its OEM customers overseas for the first time.

Wilbur Ross has recently become one of the foremost consolidators in the automotive supplier sector, assembling through acquisitions three groups of suppliers in allied fields together to create a new, large-scale Tier 1 force under the banner International Automotive Components LLC. He is CEO of the investment firm WL Ross & Co, which last week was acquired by Amvescap plc.

In an interview with Bloomberg News yesterday Mr Ross said he was in negotiations to purchase eight US-based companies and two in other markets, but declined to give specifics. IAC bought Collins & Aikman's European operations in May this year and agreed in July to acquire Lear’s European automotive interiors business. He has also indicated interest in acquiring US-based business units from the same companies, but is also targeting India for further automotive acquisitions.

(Company, Detroit News, 10 October)