November 7, 2007 -- International Automotive Components Group North America (IAC North America) today announced that it has completed the acquisition of Collins and Aikman's (C&A) manufacturing facility in Hermosillo, Mexico for $17 million plus the assumption on a restructured basis of certain liabilities. "This strategic acquisition strengthens our manufacturing footprint, technical expertise and provides greater value to our customers in the region," said Jim Kamsickas, president and CEO of IAC North America. "We look forward to integrating this group of talented C&A employees into our organization as we continue to strengthen our automotive interiors portfolio."
Built in 2004, the 430,000 square foot Hermosillo facility had annual revenue of more than $300 million in 2006 and nearly 1,300 employees that will join IAC. The transaction further strengthens IAC's manufacturing footprint in North America and provides added value to existing customers. The facility primarily manufactures and assembles instrument panels and door panels for Ford Motor Company.
IAC North America Chairman Wilbur Ross said, "Hermosillo is a major addition to our Mexican manufacturing footprint and demonstrates our commitment to expansion in low cost countries." IAC North America completed its acquisition of C&A's flooring and acoustics business and a manufacturing facility on Saltillo, Mexico earlier this month.
Source: PR Newswire
