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.