completed the contribution of its European interiors systems division to
International Automotive Components Group
, Lear's joint venture with
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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