International Automotive Components Completes Mitsuboshi Acquisition

By admin - Posted on October 3rd, 2006

International Automotive Components Completes Mitsuboshi Acquisition

NAGOYA, Japan, Oct. 2 /PRNewswire/ -- Wilbur L. Ross, Chairman of International Automotive Components Group Japan LLC ("IACJ") announced completion of the previously proposed acquisition of Mitsuboshi Belting Kaseihin Co. Ltd. ("MBK") from Tokyo Stock Exchange listed Mitsuboshi Belting, Ltd. (TSE 5192).

The three MBK manufacturing facilities in Japan supply automotive interior and exterior plastic parts to every major OEM in Japan, including Toyota, Nissan, Honda, Calsonic Kansei and Mitsubishi. MBK's $170 million in sales will bring total IAC Group revenues to more than $1.5 billion in Eastern and Western Europe, Brazil, Argentina and Japan. The transaction will enable MBK to follow its OEM customers overseas for the first time.

Source: WL Ross and Company LLC

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International Automotive Components Completes Mitsuboshi Acquisition