Collins & Aikman Lands Textron Trim

Yet another conglomerate appears to be leaving automotive as Textron Inc. sells its automotive trim division (TAC-Trim) to Collins & Aikman Corp. for $1.3 billion. The deal expands C&A's market share in automotive fabric, molded floors and convertible tops and adds several new products, including instrument panels and door trim. Driving the deal was Heartland Industrial Partners LP, which acquired 60% of C&A in January. In May, a Heartland executive told WAW that an acquisition was coming soon. Heartland provides the $1 billion in cash for the deal by acquiring 32 million shares of C&A stock. Textron also receives $245 million in C&A stock.