Released on = June 2, 2007, 1:27 am

Press Release Author = Bharat Book Bureau

Industry = Marketing

Press Release Summary = In 2005 US financier Wilbur Ross-dubbed "The King of
Bankruptcy"-turned his attention to the global automotive industry with the
formation of International Auto Components Group. Over the previous five years, Mr
Ross had built up a significant empire by buying weakened

Press Release Body = Profile of International Auto Components Group: A New Force in
European Automotive Interiors

In 2005 US financier Wilbur Ross-dubbed "The King of Bankruptcy"-turned his
attention to the global automotive industry with the formation of International Auto
Components Group. Over the previous five years, Mr Ross had built up a significant
empire by buying weakened companies at low prices in the ailing steel, coal and
textile producing industries of North America and Europe through his company WL
Ross. He then built bigger companies-which provided opportunities for achieving
economies of scale-and struck deals with investors in low wage economies overseas
and with trade unions.So far, this process has involved mainly companies with
headquarters in the USA, including Burlington Industries and Cone Mills. But Mr
Ross's new automotive components group will be centred primarily in Europe-following
the acquisition of Collins & Aikman's European automotive interiors business in
March 2006 and the proposed joint venture with Lear Corporation involving Lear's
European interiors operations, which is scheduled to take place in June 2006.If the
Lear joint venture goes ahead as planned, International Auto Components group will
become a US$1 bn concern operating within an automotive interiors industry which is
estimated by components supplier group Johnson Controls to be worth around US$75 bn.
Wilbur Ross intends to build a 20% stake in this market through future acquisitions.


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