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Takata Narrows List of Possible Financial Saviors
Beleaguered Takata Corp. has shortened its list of potential financial investors to about half a dozen prospects, sources tell Reuters.
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Beleaguered Takata Corp. has shortened its list of potential financial investors to about half a dozen prospects, sources tell Reuters.
Reuters’ sources say the company's shortlist of potential saviors includes Bain Capital, Daicel, KKR and Ningbo Joyson. The company hopes to pare the list to two final bidders by mid-September and select one in October.
The Japanese airbag maker has been restructuring and searching for a major investor for months. The company faces billions of dollars in liability claims from customers and consumers about its airbag inflators, which can explode when triggered in a crash.
More than a dozen carmakers are recalling roughly 100 million vehicles to replace Takata inflators. The devices, which can become unstable after prolonged exposure to heat and humidity, have been blamed for at least 14 fatalities and 130 injuries.
The full brunt of Takata’s exposure won’t be defined until the company’s relative blame is established. Reuters estimates the replacement costs alone for the inflators will total about $10 billion. The company also faces numerous consumer lawsuits.
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