IAC Acquires Assets of the Interior Systems and Components Business of India-based Automotive Interior Supplier, Multivac

Deal Expands IAC’s Manufacturing & Engineering Capability in India

DEARBORN, Mich., Jan. 12, 2011 — IAC Group, a global tier-one supplier of vehicle interior components and systems, today announced the acquisition of the automotive assets of New Delhi-based Multivac India Private Limited, a tier-one supplier of automotive interior systems and components to the rapidly growing automotive market in India.

Multivac established itself over the past two decades as a leading domestic supplier of vehicle headliners, instrument panels, interior trim and door panels to key global vehicle manufacturers including Volkswagen, Maruti Suzuki, Volvo, Mahindra & Mahindra and others. The manufacturing facility is located in close proximity to the region’s vehicle manufacturers and provides access to an experienced automotive workforce. The current manufacturing operation was established in 2005 and employs approximately 135 production and engineering personnel. The acquisition further extends IAC’s footprint into the fast-growing and critically important northern automotive region in the New Delhi area.

“IAC has experienced success through organic growth in India since we first established manufacturing and engineering operations in the western automotive hub of Pune, Maharashtra in 2008,” said James Kamsickas, president and CEO, IAC North America and Asia. “This acquisition builds on that momentum by extending our footprint into the growing north India automotive region, further expanding our product portfolio and supporting our global customers’ needs for experienced interiors manufacturing and engineering in the region.”

The New Delhi plant will complement IAC’s existing Regional Engineering Center in Pune and the company’s manufacturing facility in nearby Chakan. IAC is presently constructing a second state-of-the-art manufacturing operation in Chakan, which will be located in the Mahindra Supplier Park.

According to Senior Vice President of IAC Asia Operations, Gajanan Gandhe, the New Delhi location provides a strategic foothold for IAC in India. “We expect that this location will provide us the ability to expand our design and engineering capabilities to support the new product development activities by major OEMs,” said Gandhe.

“This acquisition underscores IAC leadership’s commitment to selectively expand its global footprint to take advantage of growing vehicle demand in emerging markets such as India,” said Wilbur Ross, Chairman of IAC Group. “Our leadership team at IAC continues to deliver on its commitment to be a global supplier of choice within each region where we operate and has been successful in growing both organically and through acquisitions.”

The Multivac acquisition follows a host of acquisitions by IAC from 2006 to 2010. In November 2010, IAC announced the acquisition of vehicle interiors supplier, AMPRO Molding LLC, located in Anniston, Ala. In February 2010, the company acquired flooring & acoustics supplier Stankiewicz International Corp., located in Spartanburg, S.C.