Collins & Aikman Corp. is forming a joint venture with a South Korean auto supplier that will allow it to boost its business with international carmakers in North America.
The deal, announced April 18 with Hyundai Mobis, will create a company to supply instrument panel systems for Hyundai Motor Co. and Kia Motors Corp. vehicles produced in Alabama.
Troy-based C&A and Hyundai Mobis, the biggest supplier for Seoul-based Hyundai Motor, have had an operating agreement for more than two years to license technology. With the new joint venture, the companies will develop and manufacture instrument panels for a Hyundai plant now under construction in Montgomery, Ala.
Full details have not been released, including the investment, the venture's name or an exact plant location.
More than 70 percent of C&A's sales are to the Big Three automakers. Hyundai is among the Asian businesses that have cut into those firms' sales bases in North America.