By Rhoda Miel, Plastics News staff
Detroit, Michigan-Wilbur Ross' International Automotive Components Group is continuing to grow, with a deal in hand to take control of three automotive plastics plants in Brazil.
IAC, controlled by New York financier Ross's WL Ross & Co. LLC and Franklin Mutual Advisers llc, announced 13 April that it had completed the acquisition of a controlling stake in Plascar Indústria de Componentes Plásticos Ltda. The Plascar sites previously were controlled by Collins & Aikman Corp., which has been operating under bankruptcy protection since May.
The plants are added to an international auto supply group that has bought out the European holdings of Troy, Michigan-based Collins & Aikman. IAC also has an agreement to take over Southfield, Michigab-based Lear Corp.'s European interior facilities.
Ross is in talks with Lear to take over its North American plastics units, although the companies have not finalised an agreement. IAC also has announced a desire to acquire the C&A North American facilities.