Since last autumn, US billionaire Wilbur Ross has created a major supplier from the rubble of several cash-strapped partsmakers.
Ross, 68, is best known in the US, where he has rebuilt stressed companies into major players in several other industries, including steel most recently.
But Ross told Automotive News Europe his newly created International Automotive Components group will focus for now mostly on Europe, where margins are stronger. The US supplier sector is ripe for consolidation and bargains abound, he acknowledges. But he sees better opportunities in
Europe, especially because ailing US-based suppliers are restructuring their European operations and may be willing to dispose of non-core assets here to raise cash.
Ross already has taken over the European assets of Lear and Collins & Aikman. And both Delphi and Visteon are looking to sell or close plants in Europe.
You may e-mail Tony Lewin at [email protected]