Robert "Steve" Miller, the man who guided one of the country's
biggest auto parts makers through bankruptcy, is back and this time
he is taking the helm of the global automotive interiors company
formed by billionaire Wilbur Ross.
Mr. Miller will join International Automotive Components Group
on July 20 and takes the helm as CEO on Aug. 7. He succeeds James
Kamsickas, who has resigned to become CEO of axle maker Dana
Holding Corp.
The move comes as Mr. Ross looks to make some type of move with
IAC which has been in a holding pattern of sorts. Last year, the
company began the process of filing for an initial public offering
but has yet to make any additional moves.
"We believe the consolidation of the auto parts industry is
starting to come to pass," Mr. Ross said in an interview Monday.
"Look at the announcements that have been out there and the fact
that there are other distressed companies. We are eager to be part
of that consolidation whether it means making bolt-on acquisitions
or a merger of equals. It will all depend on Steve and what he sees
out there."
Mr. Ross added that Mr. Miller will also determine whether the
IPO process should continue.
"We have to let him get his bearings and then we will go from
there," Mr. Ross said.
IAC was formed in 2006 when Ross's private-equity firm W.L Ross
& Co. LLC and investment fund manager by Franklin Mutual
Advisers LLC merged the interiors business of Lear Corp. with
bankruptcy Collins & Aikman Corp. The company grew from there
as Mr. Ross bought other interiors parts makers around the world.
IAC now has 79 manufacturing facilities across 18 countries. IAC is
based in based in Luxembourg but Mr. Miller will work from the
company's North American headquarters in Southfield, Mich.
The company is the 42nd largest auto supplier in the world in
terms of revenue generated from parts sold to auto makers,
according to Automotive News. The company generates more than $5
billion in revenue selling instrument panels, cockpits, doors and
trim, headliners and other exterior components.
Mr. Miller returns to an industry he knows well since he was
brought in to reorganization Delphi Corp. in 2005. At that time,
Delphi was bleeding cash as consumer angst over the economy cooled
car sales and forced auto makers to cut demand for products.
Delphi, which had been spun off from GM in the late 1990s, was
still heavily reliant on its former parent for its revenue.
With Delphi running out of cash, Mr. Miller attempted to work a
deal calling for GM to invest more money in the company, and the
United Auto Workers to agree to wage cuts. Both sides balked and
Mr. Miller took Delphi into bankruptcy. The company later emerged
in 2009 and is now one of the top providers of electronics and
other components.
"I have spent more than 40 years running companies in a variety
of industries across different market cycles," Miller said. "I am
looking forward to returning to the automotive industry and working
with the IAC team."
Mr. Miller left the auto industry following Delphi's emergence
from bankruptcy and has since been serving as chairman of the
American International Group Inc. in New York.
This isn't the first time Mr. Miller and Mr. Ross have worked
together. The two were both involved with the sale of Bethlehem
Steel Corp. in 2003. At the time, Mr. Miller was attempting to save
the American industry icon which had filed for bankruptcy.
International Steel Group Inc. formed by Mr. Ross purchased the
company for $1.5 billion.
Write to Jeff Bennett at jeff.bennett@wsj.com
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