IAC Group Forms Joint Venture With Minority Partner, Reyes, To Produce Vehicle Interior Components
SOUTHFIELD, Mich. and SAN ANTONIO, Texas, Sept. 6, 2011 /PRNewswire/ — International Automotive Components (IAC) Group today announced it has formed a joint venture with Reyes Holdings, LLP — a holding entity of Fernando Reyes, a leading San Antonio businessman and entrepreneur with more than 25 years of manufacturing expertise. The new company, Reyes Automotive Group II (RAG II), is a San-Antonio based supplier of interior components based at Toyota Motor Manufacturing, Texas, Inc. (TMMTX).
The joint venture will apply for certification as a Minority Business Enterprise (MBE), with Reyes holding 51 percent ownership and IAC having 49 percent. The joint venture will supply injection and blow molded interior trim components and sequence and assembly services for the Toyota Tundra and Tacoma built at TMMTX in San Antonio, Texas.
The 90,000-square-foot facility has nearly 200 employees and utilizes injection and blow molding manufacturing processes – a core competency of IAC that comprises more than 150 years of vehicle interiors expertise.
“We are pleased to expand our support to Toyota with this agreement,” said James Kamsickas, global co-CEO and president of IAC North America and Asia. “This joint venture affords significant opportunity for IAC and Reyes to work together in mutual support of some key programs, while establishing IAC’s presence as a leading interiors supplier for Toyota’s Texas plant.”
“The joint venture brings two experienced vehicle interiors suppliers together in a partnership that will provide enhanced value to our customers going forward,” said Fernando Reyes, Chairman and CEO, Reyes Automotive Group. “We look forward to growing this business together with IAC.”
The joint venture represents IAC’s continued investment in the North American automotive market and will be IAC’s first facility in Texas, and third manufacturing operation established in the past year, including plants in Anniston, Ala. in November of 2010 and Belvidere, Ill. in June of this year. This strategic development further reflects IAC’s commitment to developing partnerships with diverse suppliers and a continued investment in IAC’s core competency, automotive interiors.
ABOUT IAC GROUP
IAC Group is a leading global supplier of automotive components and systems, including interior and exterior trim. IAC’s 2010 sales were $3.7 billion. The company operates 75 manufacturing facilities in 16 countries. IAC employs approximately 22,000 people around the world and is headquartered in Luxembourg. For more information, visit www.iacgroup.com.
ABOUT REYES HOLDINGS, LLP
Reyes Holdings, LLP is a minority business enterprise owned by Fernando Reyes, who has over 25 years of manufacturing experience. Reyes Holdings, through joint ventures such as Reyes Automotive Group II, manufactures world class trim components and carpet for Toyota Tundra and Tacoma pickup trucks using injection molding, blow molding, and various assembly techniques in a just-in-time (JIT) environment.
SOURCE IAC Group