International Automotive Components Group North America today said it completed its acquisition of the former Collins & Aikman Corp. parts operation in Hermosillo, Mexico, for $17 million plus the assumption of certain liabilities.
This strategic acquisition strengthens our manufacturing footprint, technical expertise and provides greater value to our customers in the region, CEO Jim Kamsickas said in a statement.
Built in 2004 to serve neighboring Ford Motor Co. assembly operations, the 430,000-square-foot Hermosillo plant posted revenue of more than $300 million in 2006 and employs about 1,300 people. The plant makes instrument panels and door panels for the Ford Fusion, Lincoln MKZ and Mercury Milan cars.
International Automotive Components Group, controlled by New York investor Wilbur Ross, was formed mostly through acquisitions of Collins & Aikman plants and through the acquisition of Lear Corp.s European and North American interiors divisions.
Including several recent acquisitions, International Automotive Components Group expects to generate more than $5.2 billion in annual sales. At that level, the company would rank No. 28 on the Automotive News list of the top 100 global suppliers in terms of global original-equipment sales.
Collins & Aikman filed for Chapter 11 bankruptcy protection in May 2005 and has gone out of business after selling or closing its operations.