Lear's North American Interior Systems Division To Be Acquired

NEW YORK, Dec. 1 /PRNewswire/ -- Wilbur L. Ross, Jr., Chairman of International Automotive Components Group North America, LLC ("IAC NA"), announced today a definitive agreement for IAC NA to acquire Lear Corporation's ("Lear") North American Interior Systems Division.

 

IAC NA represents a joint venture between WL Ross & Co. LLC ("WL Ross"), Franklin Mutual Advisers, LLC ("Mutual Series"), and Lear. Upon closing, Lear will transfer all of the assets of its North American interiors business and $25 million of cash to IAC NA. WL Ross and Mutual Series will collectively contribute $75 million of cash and extend a $50 million term loan to IAC NA. Lear will hold 25% of the stock in IAC NA and warrants for an additional 7% equity interest.

The operations being acquired by IAC NA include 26 plants located in the United States, Canada and Mexico with revenues of approximately $2.5 billion. The facilities supply cockpits, door panels, flooring and acoustics, instrument panels, interior trim and overhead systems to various original equipment manufacturers.

Mr. Ross commented, "We are excited to bring to full completion the joint venture announced last year. With this transaction, IAC group companies will have more than $4 billion of revenues, approximately 20,000 employees and a truly global footprint in 16 countries in North and South America, Eastern and Western Europe, Japan and China."

The transaction is subject to certain conditions including regulatory approval and other customary closing conditions, but is expected to close in the first quarter of 2007.

Goldman Sachs & Co. and Jones Day advised IAC NA on the transaction.

WL Ross & Co. LLC has sponsored more than $4 billion of private equity transactions in the steel, coal, textile, automotive supply and financial services industries since its founding in April 2000.

Franklin Mutual Advisers, LLC (Mutual Series) manages the Mutual Series family of mutual funds and other accounts totaling more than $60 billion in assets. FMA is a subsidiary of Franklin Resources, Inc. (NYSE: BEN), a global investment management organization. Further information is available on the Internet at http://www.franklintempleton.com .


Rating:


Review Article Be the first to review this article

Featured Video
Editorial
Jeff RoweJeff's MCAD Blogging
by Jeff Rowe
Re-Use Your CAD: The ModelCHECK Handbook
Jobs
Business Partner Manager for Cityworks - Azteca Systems, LLC at Sandy, UT
Upcoming Events
Design & Manufacturing, Feb 7 - 9, 2017 Anaheim Convention Center, Anaheim, CA at Anaheim Convention Center Anaheim CA - Feb 7 - 9, 2017
Innorobo 2017 at Docks de Paris Paris France - May 16 - 18, 2017
Display Week 2017 at Los Angeles Convention Center 1201 S Figueroa St Los Angeles CA - May 21 - 26, 2017
SolidCAM: Program your CNCs directly inside your existing CAD system.



Internet Business Systems © 2016 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation GISCafe - Geographical Information Services TechJobsCafe - Technical Jobs and Resumes ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy Advertise