International Automotive Components to Acquire Lear's European Interior Systems Division

DETROIT, March 29 -- Robert E. Rossiter, Chairman and CEO of Lear Corp., and Wilbur L. Ross, Chairman of International Automotive Components Group ("IAC"), announced today an agreement in principle for IAC to acquire Lear's European Interiors Systems Division on a debt-free basis in exchange for 34% of the stock in IAC. IAC was recently formed by WL Ross & Co. LLC and Franklin Mutual Advisers, LLC initially to acquire for cash the principal businesses of Collins & Aikman Corp. in Europe. Pro-forma revenues will be approximately $1.2 billion derived from plants located in Genk, Belgium; Hodonin and Prestice, Czech Republic; Cologne, Lambrecht, Plattling and Zwiesel, Germany; Born, Netherlands; Teresin, Poland; Lozorno, Slovakia; Logrono and Vitoria, Spain; Fargelanda, Gothenborg, Skara, Tanum, Tidaholm, and Torslander, Sweden; and Coleshill, Elmdon and Sunderland in the United Kingdom.

Mr. Ross commented, "We announced last October a plan to create the global automotive industry's largest plastics company. This step makes us the largest, most diverse and best capitalized automotive plastics company in Europe and positions IAC to expand throughout the world. We continue to believe that the automotive original equipment manufacturers will support well-capitalized global suppliers for essential components."

"The combination of our Interiors operations with Collins & Aikman's in Europe provides a solid platform for improving ongoing operating performance and represents an important step toward putting in place a new global business model for this market segment," added Bob Rossiter.