By Rhoda Miel, Plastics News Staff
New York - International Automotive Components Group will open plants in India to meet new contracts, while its North American unit has received a tax credit to help it retain and add employees at its Fremont, Ohio, injection-moulding facility during the next eight years.
The plants will support its contract to supply instrument panels for future vehicles made in India. IAC said 6 Dec that it will build parts for trucks and utility vehicles to be made by Mahindra & Mahindra Ltd of Mumbai, India.
IAC does not have production in India now, but the new business "positions IAC for strong growth in the region," said chairman Wilbur Ross in a news release. Ross is based in New York.
IAC North America president and chief executive officer Jim Kamsickas will also oversee operations in India. The firm will begin exploring potential greenfield sites in India that could also supply other automakers eventually.
IAC North America received a tax credit worth about $445 000. The firm, based in Dearborn, Michigan, was created through the purchase of Lear Corp.'s interiors business and facilities from other suppliers, including the defunct Collins & Aikman Corp. The company has been seeking tax credits to help determine how it will consolidate those operations.
With the 65 percent Ohio tax credit, IAC said it expects to create 150 jobs and retain 300 jobs at Fremont within three years.