IAC Acquires Stankiewicz U.S. Flooring Operations
International Automotive Components Group (IAC) North America today announced that it has acquired flooring & acoustics supplier Stankiewicz International Corporation, a U.S. subsidiary of Gimotive GmbH. This deal follows IAC's 2009 acquisition of Stankiewicz's European Flooring & Acoustics operations.
The acquisition includes a manufacturing campus comprised of three buildings encompassing 190,000 sq. ft. of manufacturing space. Located in Spartanburg, South Carolina, the operation employs approximately 150 people and manufactures flooring systems, dash insulators and trunk systems. The Flooring & Acoustics operation generates approximately $30 million in annual sales and is expected to increase to $50 million in 2011, based on booked business.
"This strategic acquisition represents another step in IAC's commitment to continue reinforcing its global leadership position in the vehicle interiors segment," said James Kamsickas, IAC's president and CEO of North America and Asia. "The greatest strength we gain from this deal is the extensive skill and expertise of the employees - from both Europe and the U.S. - who now join the IAC family of vehicle interiors experts," he said.
Wilbur Ross, Chairman of IAC added, "The transaction further strengthens IAC's manufacturing footprint in North America, provides added value to existing and new customers in the segment and continues the consolidation of the industry."
In July of 2009, IAC Europe acquired Stankiewicz GmbH, which was a market leader in the European premium automotive segment for insulations, dampening products, sound absorbers, floor coverings and other coverings. Stankiewicz GmbH filed for insolvency on December 29, 2008, due to the severe downturn in the automotive market. IAC Europe acquired nine European facilities in Germany, Belgium, Czech Republic and Poland, 1,200 employees and a business that generated over Euro 150 million in annual (2008) sales as part of the Stankiewicz GmbH transaction.
International Automotive Components Group (IAC) is a leading global supplier of automotive components and systems, including interior and exterior trim and structural and functional applications. IAC Group's 2009 sales revenue was approximately $3.2 billion. The company's North American sales were approximately $1.4 billion. IAC operates more than 80 manufacturing facilities in 17 countries and employs approximately 23,000 people around the world. For more information, visit www.iacgroup.com.