LONDON -- A bidding group comprising WL Ross & Co. LLC, Franklin and Lear Corp. has agreed to buy the bulk of the European businesses of bankrupt auto parts supplier Collins & Aikman Corp., its administrators Kroll said on Monday.
The group, calling itself International Auto Components Group, will buy Collins & Aikman's European operations with sales of $600 million, out of a total European business last year of $1 billion sales, International Auto said in a statement.
The businesses employ 2,300 and supply parts to carmakers including Ford Motor Co., General Motors, DaimlerChrysler, Porsche, Saab, Volkswagen, Volvo and others.
The businesses include operations in Austria, Belgium, the Czech Republic, Germany, Netherlands, Slovakia, Spain, Sweden, and Britain.
"We are delighted to make IAC's first acquisition within a month of announcing the joint venture company," said Wilbur L. Ross, chairman of International Auto. "We also are appreciative that the automobile industry has decided to support our efforts. This is the start of a major global factor in the automotive interior plastics industry."