As International Automotive Components (IAC ) established a new JV in China, its chairman, billionaire investor Wilbur Ross, has suggested the firm is looking to double its Asia business over the next two years.
“IAC will nearly double its book of business in Asia over the next two years with a significant portion of this growth coming from incremental customer and product penetration in China,” said Ross. “Our new Beijing plant provides the strategic manufacturing footprint that allows IAC to continue supporting its customers’ needs in the rapidly growing Chinese market.”
IAC Songjiang is a 50/50 joint venture formed between IAC Asia and Shanghai Car Carpet Plant (SCCP), an established supplier of vehicle carpeting products in the region.
IAC’s Beijing facility is part of the IAC Songjiang joint venture and will generate up to 80 new manufacturing positions.
IAC has 14 facilities in Asia, serving a list of OEM customers such as Toyota , Honda, Nissan, Daimler, Mahindra, Volkswagen , Huatai , Shanghai Automotive Industry Corp. (SAIC ) and Shanghai General Motors .
IAC says it will significantly expand its capabilities in China with the recent production launch of its new 4,300 square meter manufacturing facility in Beijing.
The facility will manufacture vehicle interior components and systems, including carpet and trunk trim for Beijing Benz-Daimler Automotive Co. Ltd. as well as carpet for Shanghai General Motors. Manufacturing processes including compression moulding, foaming and water-jet cutting technologies will be used for customer applications at this location.