SOUTHFIELD, MICH. (Nov. 2, 2 p.m. ET) — International Automotive Components Group on Nov. 1 announced that it has formed two joint ventures with Malaysia-based interiors supplier Automotive Holdings Berhard, continuing IAC's expansion in Asia.
IAC will own 60 percent of IAC APM Automotive Systems Ltd. in Thailand and 40 percent of APM IAC Automotive Systems Sdn Bhd in Malaysia.
Both joint ventures will supply interior components — including instrument panels, door panels, floor consoles, trim and overheard systems — to automakers in the region.
The joint ventures represent a major push from the IAC, whose North American and Asian headquarters is in Southfield.
In March, IAC opened a second manufacturing plant in India. In January, it acquired supplier Multivac India Private Ltd.
In September, IAC Group, owned by billionaire investor Wilbur Ross, delayed its planned initial public offering until 2012 because of market conditions in the U.S. and Europe.