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Takata Books Another $444 Million for Airbag Recalls
Takata Corp. says it will take a special loss of 45 billion yen ($444 million) in April-June to cover the cost of new recalls of defective airbag inflators it supplied to 10 carmakers.
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Takata Corp. says it will take a special loss of 45 billion yen ($444 million) in April-June to cover the cost of new recalls of defective airbag inflators it supplied to 10 carmakers.
The charge is in addition to $300 million the Japanese safety system maker booked for the fiscal year ended March 31, 2013. That charge pushed Takata into a 21 billion-yen loss. The company currently expects to report a net profit of about 16 billion yen ($158 million) in the fiscal year ending next March.
Carmakers have recalled more than 12 million vehicles over the past five years to replace malfunctioning Takata airbags. This year's expanded campaigns are a result of the company's difficulty determining how many faulty units it made and when and where they were shipped.
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