IAC Adds Lear Assets

International Automotive Components Group North America has agreed to acquire Lear Corp.'s North American Interior Systems Division. IAC is a joint venture between WL Ross & Co., Franklin Mutual Advisers and Lear.Upon closing, Lear will transfer all of the assets of its North American interiors business and $25 million of cash to IAC, while WL Ross and Franklin Mutural will collectively contribute $75 million of cash and extend a $50 million term loan to IAC NA. Lear will hold 25% of the stock in IAC NA and warrants for an additional 7% equity interest. The operations being acquired by IAC include 26 plants located in the United States, Canada and Mexico with revenue of approximately $2.5 billion.