Stankiewicz sold to International Automotive Components

ERJ staff report (DS)

Krefeld, Germany -- International Automotive Components Group (“IAC”) said it has agreed to acquire certain operations of Stankiewicz GmbH and Gimotive GmbH (collectively “Stankiewicz”) from the administrators. Stankiewicz has been under administration since it filed for insolvency at the end of December 2008.

Stankiewicz is a market leader in the European premium automotive segment for insulations, dampening products, sound absorbers, floor coverings and other coverings. It filed for insolvency on December 29, 2008 due to the severe downturn in the automotive market.

IAC has agreed to acquire certain facilities in Germany, Belgium, Czech Republic and Poland. The acquisition will include 9 manufacturing sites with approximately 1,200 employees generating over €150 million in annual sales.

“This acquisition strengthens greatly IAC's operational capability and technical know-how in the area of automotive interior carpets and acoustical products. IAC, already a leader in the segment in North America, will now be a global leader in these products.” said Wilbur L. Ross, Chairman of IAC.

International Automotive Components Group is a leading global supplier of automotive components and systems, including interior and exterior trim and structural and functional applications. IAC operates manufacturing facilities in 18 countries with more than 23,000 employees and global annual sales in excess of $3.0 billion.

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Press release from IAC