16/04/2018

Key Safety Systems acquires Takata

Reuters reports that Auto components maker Key Safety Systems has completed a $1.6bn deal to acquire air-bag maker Takata Corp.

The company has been linked to around 22 deaths around the world due to its faulty airbag inflators causing the industry's biggest auto recall.

The deal will see the company continue to produce replacement inflators rather than face bankruptcy.

The combined companies would be renamed Joyson Safety Systems, after a consortium led by KSS's Chinese parent company, Ningbo Joyson Electronic Corp, provided funding to acquire most of Takata's operations.

The new company will be based in Michigan.