New York -- Wilbur Ross's International Automotive Components Group (IAC) has purchased a Japanese auto supplier that makes instrument panels, cockpits and other interior trim.
With its acquisition of Mitsuboshi Belting Kaseihin Co. Ltd (BMK), the New York financier called IAC the first Western auto supplier to buy a major Japanese maker of auto interiors.
Ross did not specify how much IAC spent on MBK but revealed, in a 12 Sep statement, that his firm spent $305 million to buy both the Japanese company and BST Safety Textiles GmbH, a German manufacturer of fabric for air bags.
MBK employs 742 people, with headquarters and two plants in Komaki City and a factory in Yokosuka City.
It also licenses technology to Tong Yang Industry Co. Ltd in Taipei, Taiwan, for parts made for the Chinese auto market.
From Plastics News (A Crain publication)
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