Pat Shuff

The Autos and Mentality That Ruined Detroit

North America

On December 1st, 2006 Wilbur L. Ross announced a definitive agreement for IAC North America to acquire Lear Corporations North American Interior Systems Division.
The operations being acquired by IAC NA include 26 facilities located in the United States, Canada and Mexico with revenues of approximately $2.6 billion. The facilities supply cockpits, door panels, flooring and acoustics, instrument panels, interior trim and overhead systems to various original equipment manufacturers.
On April 2nd 2007, the completion of the North America transaction has been announced.

In April 2007 Wilbur L. Ross announced that IAC North America has signed a definitive agreement with Collins & Aikman (“C&A”) to acquire C&A’s Carpet & Acoustics Division (“Soft Trim”). The Soft Trim operations include 16 facilities located in the US, Canada and Mexico. The facilities supply a broad range of automotive interior carpet and acoustic products including molded flooring systems, accessory mats, dash insulators, package trays and trunk liners. On October 12th 2007, IAC announced that it has completed the acquisition of the Soft Trim Division from Collins & Aikman.

Additionally, IAC concluded its acquisition of a C&A manufacturing facility in Saltillo, Mexico on October 1, 2007. The Saltillo facility manufactures injection molded components, including instrument panels, doors, fascias and interior trim.

Furthermore IAC announced on November 7, 2007 the completion of the acquisition of Collins and Aikman’s (C&A) manufacturing facility in Hermosillo, Mexico. The facility primarily
manufactures and assembles instrument panels and door panels for Ford Motor Company.

South America
Our owners have acquired a majority interest (56%) in Plascar Participacoes Industriais S.A. which is listed on the Sao Paolo stock exchange. Plascar is a leading interior and exterior supplier producing parts for all major OEM’s like VW, GM/Opel and Mercedes Heavy Trucks. The turnover is approx. $ 360 Mio.
We are delighted to have Plascar as an IAC Group member on board to cover the South American Automotive Market with 4 plants in Brazil and 4 plants in Argentina.
www.iacgroup.eu/10.0.h...

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How does this oligarch find time to run his auto parts empire while running from one NY financial news network to the next for major facetime pumping of the carmaker bailout. More importantly, what are these news networks running. Is Ross a golfing foursome with Imelt, Murdoch, Bloomberg. And what skin in the game have his partners got that is routinely a failure to mention.

When pajamas are outlawed only pajama people will have pajamas. It just isn't fair, an unlevel playing field,
competing with those paid by the word as in the former Eastern Bloc.

'As GM Goes, So Goes the Nation': Let's Hope Iacocca Is Wrong

At one point GM had become the largest corporation registered in the United States, in terms of its revenues as a percent of GDP. In 1953, Charles Erwin Wilson, then GM president, was named by Eisenhower as Secretary of Defense. When he was asked during the hearings before the Senate Armed Services Committee if as secretary of defense he could make a decision adverse to the interests of General Motors, Wilson answered affirmatively but added that he could not conceive of such a situation "because for years I thought what was good for the country was good for General Motors and vice versa". Later this statement was often misquoted, suggesting that Wilson had said simply, "What's good for General Motors is good for the country." At the time, GM was one of the largest employers in the world – only Soviet state industries employed more people. In 1955, General Motors became the first American corporation to pay taxes of over $1 billion.


www.time.com/time/maga...