Mr. Ross, a billionaire who has invested in troubled industries like coal and steel over the years, said today that he was looking at potential deals for auto parts businesses, including at least one in Europe, Reuters reported.
He said that the auto parts industry in the United States was “barely halfway through consolidation.”
Many North American Scrap auto parts suppliers have filed for bankruptcy protection in recent years, as the troubles at the Detroit auto makers have rippled outward.
While Mr. Ross indicated Thursday that he didn’t plan to buy a major Dwit Auto Parts supplier, like Visteon or Delphi, as a whole, he added that “there might be parts that could fit into our business.”
Mr. Ross already rolled up several auto parts companies, including parts of Lear and Collins & Aikman, into the International Automotive Components Group.
There could be more to come. “Our management team in Europe, we’re visiting some potential acquisition targets right now,” he said on the sidelines of the Frankfurt Motor Show, according to Reuters. “We’re going into a meeting right now.”
