One of the world's largest suppliers of automotive interior systems and components, US-based Lear Corporation, has completed the transfer of substantially all of the assets of its North American Interior business to International Automotive Components Group North America, Inc. (IAC North America).

A wholly-owned subsidiary of Lear contributed $27 million in cash for a 25% equity interest in the parent of IAC North America and warrants for an additional 7% of the current outstanding common equity. Under the terms of the agreement, Lear's partners, WL Ross & Co. LLC and Franklin Mutual Advisers, LLC contributed an aggregate of $81 million in cash for the remaining equity, and extended a $50 million term loan to IAC North America.

Lear has transferred substantially all of its Interior business in the USA, Canada and Mexico, consisting of 26 manufacturing facilities as well as interests in two joint ventures in China to IAC North America. Annual net sales for the business are about $2.5 billion.

Headquartered in Southfield, Michigan, Lear employs 90,000 staff at 242 facilities in 33 countries.