JLR supplier nets £110m investment
IAC group, which supplies automotive components to Jaguar Land Rover (JLR), has secured a £110m lending facility from GE Capital. The manufacturer, which has sites in Solihull and Coleshill, said the pan-European package would support the production of the new Land Rover Evoque model.
IAC added the multimillion pound deal would support future working capital requirements and allow it to expand into key European markets.
The finance facility will pool together IAC Group’s accounts receivable from ten European jurisdictions to create one line of credit for the business.
Simon Kesterton, chief strategy officer and European chief financial officer at IAC group, said: "Our vision is to continue to serve our core customers and develop our business to support the important automotive sector in Europe. The automotive components industry is capital intensive and the working capital and asset-based solution provided by GE Capital creates significant manufacturing growth capacity for our business."
IAC Group supplies to original equipment manufacturers including Jaguar Land Rover, Volvo, Skoda, VW and BMW.
