Bank of Ireland 'saviour' is big in cars

Range Rover Evoque interior made by IAC.

If you own a modern Ford, Volvo, Jaguar or Land Rover vehicle, then the likelihood is that you're surrounded by and using equipment manufactured by Wilbur Ross, the man who 'saved' Bank of Ireland, writes Brian Byrne.

That's because one of billionaire Ross's major feats was the creation of International Automotive Components, which makes car and truck interiors, as well as some exterior components.

The financier assembled IAC in 2006 by buying up some of the biggest automotive interiors and seats makers in North America, Europe, and Japan, and today the company has some 80 production facilities as well as numerous design centres around the globe.

More than a third of its products are interior consoles and cockpit assemblies for cars, a quarter are door panels and trim, with the rest of its production being mainly flooring and acoustic materials, and headliners.

Four of the major carmakers — GM, Fiat-Chrysler, Jaguar Land Rover, and Ford — account for almost two thirds of IAC's business, and all of the world's big car brands use its products. China and India are growing regions for the company.

Wilbur Ross is in the news in Ireland today with the announced sale of his complete stake in Bank of Ireland, for more than twice his original investment which is largely credited with keeping the bank out of state ownership during the recession when a group of investors led by Ross bought 35 percent of the bank. With Ross's shares sale, the Irish Government is now the largest shareholder, with 14 percent of the bank.