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The 85-year-old Japanese automotive supplier has been acquired by mobility safety company, Key Safety Systems.
In difficulty since the massive air bag recalls due to malfunctioning inflators, Takata has been acquired by Michigan, U.S., headquartered Key Safety Systems for US$1.6 billion through its Chinese parent company, Ningbo Joyson, and two other investors; private equity firm PAG and Chinese state-owned Future Industry Investment Fund.
Now renamed Joyson Safety Systems, the global headquarters of the air bag manufacturer will be based in Auburn Hills, state of Michigan.
Key Safety is set to become one of the largest players in the safety market, employing over 50,000 people in 23 countries and with over US$7 billion in revenue.