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Key Safety Systems Sold to Chinese Conglomerate
Airbag and seatbelt supplier Key Safety Systems Inc. has agreed to be acquired by China’s Ningbo Joyson Electronic Corp. in a $920 million deal expected to close by June.
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Airbag and seatbelt supplier Key Safety Systems Inc. has agreed to be acquired by China’s Ningbo Joyson Electronic Corp. in a $920 million deal expected to close by June.
Sterling Heights, Mich.-based Key Safety was formed in 2003 when private equity firm Carlyle Group bought the assets of Florida-based Breed Technologies Inc. The company makes airbag and seatbelt systems that generate about $1.5 billion in revenue annually.
Joyson Electronics is a 12-year-old publicly traded conglomerate that supplies automotive climate controls, sensors, air management, rearview mirror and windshield washer systems. The merger will create an organization with annual global revenue of about $3 billion.
CEO Jason Luo will continue to lead Key Safety operations after the acquisition, according to the companies.
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