International Automotive Components (IAC) Group, a Tier 1 supplier of interior components, broke ground to build a production facility in Santa Catarina, Nuevo Leon. The ceremony took place on May 31 at the FINSA industrial park.
The company plans to open more than 950 job positions in order to start up its first phase of operations to supply parts for General Motors. No investment figures were disclosed.
IAC manufactures instrument and door panels, console systems, headliners and overhead systems for a wide range of vehicles from entry level to premium.
The company is headquartered in Luxembourg for fiscal purposes, but its North American operations are based in Southfield, Michigan. With 2017 estimated sales of US$ 4.4 billion, IAC customer base includes more than 80 original equipment manufacturers (OEMs) that use its components in more than 300 vehicle platforms.
IAC operates six manufacturing plants in Mexico located in Arteaga, Saltillo and Ramos Arizpe, in the Northern state of Coahuila, as well as in Hermosillo, Sonora; Santa Catarina, Nuevo Leon and Toluca, State of Mexico, from where it supplies components for GM, FCA, Ford, Nissan, Toyota, VW, Mercedes Benz and BMW.
The company was founded by U.S. Secretary of Commerce Wilbur Ross and 61% owned by his former WL Ross & Co., an investment firm focused in restructuring troubled companies on textile, steel and automotive sectors.
Ross had already stepped down as chairman of the board in 2014 and has no longer been directly involved in IAC's business operations since he was appointed by President Donald Trump.
WL Ross & Co. is now owned by Invesco, an investment management company headquartered in Atlanta, Georgia with US$ 770 billion in assets.