Investor Wilbur Ross has agreed to buy most of Collins & Aikman Corp.’s carpeting and acoustic materials business.
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According to Automotive News Ross is offering US$134 million in cash, plus other undisclosed compensation and the assumption of certain liabilities. Cerberus Capital Management LP had previously made a tentative agreement to buy the business, but had declined to complete the deal.
The Ross agreement also reportedly provides lenders to Collins & Aikman an opportunity to invest in as much as 25% of Ross’s business, International Automotive Components Group North America.
The offer by Ross is for 16 plants in North America that employ 4,300 people. The annual sales of the operations are about $615 million.
According to Automotive News, if the deal is approved, Ross’ interests in 18 months will have accumulated automotive-related businesses with about $5 billion in annual revenue.
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