Lear

(LEA) - Get Report

completed the contribution of its European interiors systems division to

International Automotive Components Group

, Lear's joint venture with

WL Ross

and

Franklin Mutual Advisers

, in exchange for one-third of the current outstanding common equity of IAC.

The Southfield, Mich.-based company said it will record a loss on sale of about $29 million for this transaction in its third-quarter financial results.

"Looking at this business longer term, we believe there is a great opportunity for profitable growth, but for that to occur this segment requires further consolidation," the company said. "We are extremely pleased to have completed a transaction for our European Interiors business and are continuing to seek a similar solution for our interiors business in North America."

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