COLLINS & AIKMAN
US investor buys 12 European business / Italian operations to SG Plastica / Five units yet unsold
The sale of the European activities of insolvent US automotive supplier Collins & Aikman (C&A, Troy, Michigan / USA; www.colaik.com) begun in late 2005 is moving forward rapidly – see Plasteurope.com Web of 15.12.2005.
The planned transfer of 12 of the 24 European C&A companies with annual sales exceeding EUR 425m (USD 511m to IAC Acquisition Corporation – acquisition vehicle of International Auto Components (Palm Beach, Florida), a joint venture led by US investor Wilbur Ross – has been completed. Terms were not announced. Altogether, the jv has been mulling the acquisition of 14 C&A subsidiaries.
Part of the deal with IAC is the Spanish injection moulding site at Logrono, acquired by C&A from Delphi in 2001. Administrators Kroll Corporate Advisory said details of the takeover of operations at Hodonin / Czech Republic, Lozorno / Slovakia and Coleshill / UK are still being worked out.
The Italian injection moulding sites at Anagni, Cassio, Fernetian and San Benigno – acquired by C&A from Textron in 2003 – have been sold to SG Plastica.
The sound absorbers plant at Amotfors / Sweden has gone to Antiphon (Amotfors; www.antiphon.se), carpet production at Kapfenberg / Austria to the site manager, who plans to continue production under the name Carpets & Acoustics Products with 60 employees. Options are being evaluated for sites at St. Neots and Stouport / UK.
The planned transfer of 12 of the 24 European C&A companies with annual sales exceeding EUR 425m (USD 511m to IAC Acquisition Corporation – acquisition vehicle of International Auto Components (Palm Beach, Florida), a joint venture led by US investor Wilbur Ross – has been completed. Terms were not announced. Altogether, the jv has been mulling the acquisition of 14 C&A subsidiaries.
Part of the deal with IAC is the Spanish injection moulding site at Logrono, acquired by C&A from Delphi in 2001. Administrators Kroll Corporate Advisory said details of the takeover of operations at Hodonin / Czech Republic, Lozorno / Slovakia and Coleshill / UK are still being worked out.
The Italian injection moulding sites at Anagni, Cassio, Fernetian and San Benigno – acquired by C&A from Textron in 2003 – have been sold to SG Plastica.
The sound absorbers plant at Amotfors / Sweden has gone to Antiphon (Amotfors; www.antiphon.se), carpet production at Kapfenberg / Austria to the site manager, who plans to continue production under the name Carpets & Acoustics Products with 60 employees. Options are being evaluated for sites at St. Neots and Stouport / UK.
07.03.2006 Plasteurope.com [204846]
Published on 07.03.2006
German version of this article...