International Automotive Components Group North America Agrees to Acquire Collins & Aikman's Hermosillo Facility

NEW YORK, July 13 -- International Automotive Components Group North America, LLC ("IAC NA") announced today it has executed a definitive agreement with the Mexican subsidiary of Collins & Aikman Corp. ("C&A") to acquire C&A's facility in Hermosillo, Mexico for $17 million plus the assumption on a restructured basis of certain liabilities.

Built in 2004, Hermosillo is a 430,000 square foot facility with annual revenues in excess of $200 million and more than 1,200 employees. The plant primarily manufactures and assembles instrument panels and door panels for Ford Motor Co. The transaction further strengthens the IAC Group's manufacturing base in low cost countries. IAC Group already generates $4.5 billion of sales from 55 plants in 17 countries. IAC NA previously announced the agreement to acquire C&A's automotive carpet and acoustics business for $126 million.

IAC NA is a joint venture among WL Ross & Co. LLC, Franklin Mutual Advisers, LLC and Lear Corporation.