Shanghai’s Joyson Electronic steps in to save bankrupt airbag firm Takata
Joyson’s US arm troubled to buy Takata assets and businessfor no more than US$1.59 billion, bit not its PSAN business
Takata, the troubled Japanese drivers’ air bag supplier, is being bought out of bankruptcy by KSS, a US-based firm owned by China’s Ningbo Joyson Electronic Corp.
Key Safety Systems (KSS), the American car-components manufacturer, has reach preliminary agreement to take over Takata’s assets and business for no higher than US$1.59 billion, according to a filing by Joyson to the Shanghai Stock Exchange on Monday.
Faults in Takata’s airbags prompted one of the industry’s biggest ever safety recalls, and have been linked to at least 17 deaths around the world, with the company pledg replace tens of millions of defective air-bag inflators used by 19 car and truck makers around the world, from Tesla , to Toyota Motor Corp.
Its been searching for financial backers to help it face mounting recall costs over the potentially deadly car air bags.
KSS will buy nearly all of Takata’s assets, except for some assets and operations linked to Takata’s problematic “phase-stabilised ammonium nitrate” airbag inflators, the firm said.
