Key Safety Systems completes acquisition of Takata assets
A consortium led by its parent Ningbo Joyson Electronic Corporation and PAG, an Asia based private equity firm and Future Industry Investment Fund provided the funding to Key Safety Systems to successfully complete the acquisition of substantially all of the global assets of Japan-based Takata Corporation, a global supplier of vehicle safety systems including seat belts, airbags, steering wheels and child seats as well as other automotive products, out of cross-border bankruptcies in the United States and Japan. Takata's liabilities associated with the recall of phase-stabilized ammonium nitrate airbag inflators and other liabilities were not acquired by KSS. The combined company will be rebranded Joyson Safety Systems and be headquartered in Auburn Hills, Michigan, USA. The purchase agreement announced on November 21, 2017 was subject to a number of closing conditions, all of which have now been met, including antitrust clearance and bankruptcy court approvals in multiple countries. KSS has now successfully acquired substantially all of Takata's assets, except for certain assets related to the manufacturing and sale of phase-stabilized ammonium nitrate airbag inflators.