DETROIT (Bloomberg) -- International Automotive Components Group, the auto-parts maker owned by billionaire Wilbur Ross, said it is expanding in Asia through joint ventures with a Malaysian supplier in its home country and in Thailand.
IAC will own 60 percent of a venture in Thailand with APM Automotive Holdings Bhd, while in Malaysia, IAC will hold a 40 percent stake, Ross's company said Tuesday in a statement.
IAC and APM said they will design, engineer and manufacture instrument and door panels, floor consoles, flooring and acoustics, package trays and rocker panels for global automakers and domestic companies in the region.
"IAC considers the ASEAN region to be very important," Jim Kamsickas president of IAC North America and Asia, said in the statement. "APM and IAC share similar visions for business, along with core competencies and experience in automotive interiors, comprehensive manufacturing capability and commitment to providing exceptional customer satisfaction."
Ross assembled IAC through 14 takeovers starting in 2006. IAC, which makes instrument displays, door panels and headliners, had sales of about $3.75 billion in 2010, 6 percent of it in Asia. The company employs about 22,000 people in 16 countries. It had net income of $25 million last year and $3 million in this year's first half, according to a registration statement Luxembourg-based IAC filed with the U.S. Securities and Exchange commission.
In September, IAC delayed a planned initial public offering of its stock until at least January because of market turmoil in the U.S. and Europe, two people familiar with the matter said last month.