IAC Group takes over Multivac
The Indian auto market magic is spreading globally which was ones considered a slow paced auto market. It is now enjoying an accelerating demand of various foreign firms to enter and explore this market. It has been reported that the International Automotive Component (IAC) Group, the European company has taken over the auto mobile company's assets of Multivac India Pvt., which supplies to Tier I of interior systems in the domestic auto market.
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As per the report, Multivac is a supplier of headliners, interior trim, door panel and instrument panel to various producers in the domestic auto sector. The established names in the auto industry to which the Multivac supplies its products to, Maruti Suzuki, Mahindra & Mahindra, Volvo Volkswagen. The report disclosed that IAC has revealed a take over of the assets of the Indian company like its production unit established in 2005 and giving employment to around 135 engineering and production personnel. The manufacturing unit is placed in proximity to regions automobile producers and also suffix to experienced auto mobile workforce.
The report mentioned James Kamsickas, the President and CEO at IAC North America and Asia, he said that IAC is a matured firm and from the growing India the company expects more since it's first engineering and manufacturing unit established in the Western auto mobile Pune which is now considered a hub among the manufacturers in 2008. He also said that the take over is building on momentum as it will help in expanding the company's profile and providing support to its international buyer's requirements for interior production and engineering in region.
The report further stated that as per IAC, the company's step will benefit the company's present engineering centre at Pune and its production unit which is close by Chakan. However, the company is also building its second unit in Mahindra Supplier Park at Chakan.
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