Wilbur Ross' International Automotive Components Group has purchased a Japanese auto supplier that makes instrument panels, cockpits and other interior trim.
With its acquisition of Mitsuboshi Belting Kaseihin Co. Ltd., Ross called IAC the first Western auto supplier to buy a major Japanese maker of auto interiors.
Ross did not specify how much IAC spent on Mitsuboshi, but in a Sept. 12 news release noted the firm spent $305 million to buy both the Japanese company and BST Safety Textiles GmbH, a German air-bag fabric maker.
Mitsuboshi employs 742. Its headquarters and two plants are in Komaki, Japan, with another plant in Yokosuka, Japan. It licenses technology to Tong Yang Industry Co. Ltd. in Taipei, Taiwan, for the Chinese auto market.
Financier Ross backed the creation of the New York-based IAC, which also includes Collins & Aikman Corp.'s former European operations and more than 50 percent of Plascar Indústria de Componentes Plasticos Ltda., a Brazilian auto plastics company.