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Takata Agrees to Sell Interiors Business
Struggling airbag maker Takata Inc. has agreed to sell its Irvin Automotive interior component operations to the Piston Group for a reported 17 billion yen ($169 million).
Pontiac, Mich.-based Irvin generates about $500 million in revenue annually by selling such items as seat trim and cargo shades.
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Struggling airbag maker Takata Inc. has agreed to sell its Irvin Automotive interior component operations to the Piston Group for a reported 17 billion yen ($169 million).
Pontiac, Mich.-based Irvin generates about $500 million in revenue annually by selling such items as seat trim and cargo shades. Piston Group, whose main offices are in Redford, Mich., describes itself as a $1.8 billion parts assembler for such companies as Fiat Chrysler Automobiles, Ford, General Motors, Honda, Toyota and ZF.
Piston Group was founded in1995 by Vinnie Johnson, a former star player for the Detroit Pistons basketball team. Irvin’s management team will continue to run the unit, which will operate as a separate company within the Piston Group.
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