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
-
TPE Checks the Boxes
Plastics supplier KRAIBURG has developed a thermoplastic elastomer lineup—the VS/AD/HM series within the THERMOLAST K suite—that checks the boxes of scratch and abrasion resistance, chemical compatibility and UV stability.
-
Magna Advances Seating Configurations
Magna International is focusing on electrification, autonomy and smart mobility. This is taking the form of things ranging from an electrified system for rear axles (eDrive 1.0) to a collaborative arrangement with Lyft, which includes the co-development and manufacture of self-driving systems.
-
Jeeps Modified for Moab
On Easter morning in Moab, Utah, when the population of that exceedingly-hard-to-get-to town in one of the most beautiful settings on Earth has more than doubled, some people won’t be hunting for Easter eggs, but will be trying to get a good look at one of the vehicles six that Jeep has prepared for real-life, fast-feedback from the assembled at the annual Easter Jeep Safari.