The Swedish automotive giant IAC Group, which closed down last year, is avoiding total bankruptcy after a takeover by Indian Tata Autocomp.
The Swedish automotive giant IAC Group, which makes a living by manufacturing interiors for car brands such as Volvo and Scania, is avoiding bankruptcy.
Last year, the company closed down due to a tax debt of more than 1 billion kroner. Read more about it here.
But now Indian Tata Autocomp has bought the entire Swedish business. This means that the 1,400 employees at IAC Group 's three factories will keep their jobs for the time being.
This is what Dagens Arbete writes.
– Everyone is so happy. After months of worry, we can finally relax, says IF Metall chairman Edisa Krvavac to Dagens Arbete.
Work continues despite bankruptcy
The new owners are also confident about the successful rescue plan. It is hoped that all employees will keep their jobs.
– We hope that everyone can keep their jobs and that we can do a good job together with the new owner, says Edisa Krvavac to the same media.
IAC has 1,400 employees at the three factories in Skara, Färgelanda and Gothenburg. And although the company behind the three factories actually went bankrupt in July 2024, work at the factories has continued because customers such as Scania and Volvo were and are dependent on the Swedish deliveries.
– The company's new global management team has worked hard to find a positive solution for the Swedish operation as well.
– However, short-term liquidity challenges have prevented us from creating a sustainable position for these assets, IAC said in a press release at the time.
The debt that IAC accrued during the corona pandemic must now be resolved. However, there is no information on whether Tata Autocomp, which is part of the Tata Group, which owns Jaguar, can pay the entire amount at once.
