DEARBORN, Mich. (AP) — Privately held auto parts conglomerate International Automotive Components said Friday it bought two businesses with 4,150 employees from Collins & Aikman Corp., which has been selling off units under bankruptcy protection.
International Automotive said it completed acquisition of Collins & Aikman's former soft trim division and its former interior parts plant in Saltillo, Mexico.
The price of the deal was not disclosed. The two businesses have $600 million in annual sales, International Automotive said.
The soft trim division has 16 plants in North America that make carpeting, floors and other interior components, as well as a technical center, the new owner said. The division employs 3,900 people, while the Mexican plant employs 250. No immediate job cuts are planned, spokesman David Ladd said.
International Automotive is owned 75 percent by billionaire investor Wilbur Ross's WL Ross & Co. LLC and Franklin Mutual Advisers LLC and 25 percent by Lear Corp., according to its Web site. Its Dearborn-based North American division now has about 17,000 employees, Ladd said.
Southfield-based Collins & Aikman filed for Chapter 11 protection in 2005.
