Billionaire investor Wilbur Ross plans to take International Automotive Components Group (IAC) public this year and has hired Bank of America Corp (BAC.N) and JPMorgan Chase & Co (JPM.N) to run the process, two people familiar with the matter said on Wednesday. Ross, known for consolidating out-of-favor assets in areas such as autos, steel and coal, has built IAC into an auto interiors supplier with revenue of $5 billion, in part by combining the business of the former Collins & Aikman and the interiors business of Lear Corp. The initial public offering comes at a time when the global auto industry shows signs of accelerating a recovery that began last year. U.S. auto sales are expected to rise 12 percent to about 12.9 million vehicles in 2011, according to influential industry forecasting firm J.D. Power & Associates.
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