Mexican Media Brands
International Automotive Components Group Plans IPO
International Automotive Components Group SA, the auto interiors supplier controlled by billionaire Wilbur Ross, has filed a preliminary prospectus for an initial public offering to raise as much as $115 million (€86 million).
#interior
Share
International Automotive Components Group SA, the auto interiors supplier controlled by billionaire Wilbur Ross, has filed a preliminary prospectus for an initial public offering to raise as much as $115 million (€86 million).
As is typical with such a filing with the U.S. Securities and Exchange Commission, the company did not say how many shares the company plans to sell, at what price or when. Such initial documents also often use a placeholder amount for the size of the offering.
IAC expects to list its shares on the New York Stock Exchange, using the symbol IACG. The Luxembourg-based company derives roughly half of its $4.7 billion (€3.5 billion) annual revenue in North America.
Bank of America, Deutsche Bank and JPMorgan Chase are handling the offering. The company says it will use the proceeds of the IPO to repay debt. IAC adds that the funds also might be used for acquisitions, general corporate purposes or restructuring in Asia or Europe.
IAC was formed in 2006 by Ross' investment firm, WL Ross & Co. LLC, and Franklin Mutual Advisors LLC from the former interiors units of Lear and Collins & Aikman. The company's expansion has been aided by more than a dozen additional acquisitions. Ross and Franklin own 60.1% and 27.1% of IAC, respectively, according to the prospectus.
RELATED CONTENT
-
2019 Honda Insight
One of the things that rarely gets the amount of attention that it should in a typical “car review” is the fact that for a considerable amount of time drivers are not “getting on the throttle” because for a considerable number of drivers, they’re “dwelling on the binders,” a.k.a., sitting with their foot depressed on the brakes, perhaps lifting every now and then in order to nudge forward in traffic.
-
2018 Genesis G80 AWD 3.3T Sport
The thing about the 2018 Genesis G80 AWD 3.3T Sport: The head of a valet service at a restaurant on New Year’s Eve said to me as his associate handed me back the key fob (a hefty object, speaking to the fact that this is a substantial vehicle), “We don’t see many of these.” A couple days later, a locksmith in downtown Plymouth, who was making some keys for autofieldblog HQ (yes, there are still independent locksmiths that make keys for doors) looked out his window and said to me, “What’s that?” Neither of these probably make the people at Genesis all that happy, but in both cases the tone of voice indicated admiration, if not full-on interest.
-
Ford Copies Nature
As Nature (yes, capital N Nature) has done a pretty good job of designing things, it is somewhat surprising that Man (ditto) doesn’t follow Nature’s lead more often when it comes to designing objects.