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Takata Sale to Key Safety Signing Due within 2 Weeks
Takata Corp. says the final documents for its $1.6 billion sale to Sterling Heights, Mich.-based Key Safety Systems Inc. are expected to be signed by the end of next week.
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Takata Corp. says the final documents for its $1.6 billion sale to Sterling Heights, Mich.-based Key Safety Systems Inc. are expected to be signed by the end of next week.
The sale still must be approved by regulators and the U.S. Bankruptcy Court in Delaware.
Takata and U.S. unit TK Holdings filed for bankruptcy in June. The Japanese company was driven to collapse by its exposure to billions of dollars in liabilities surrounding its explosion-prone airbag inflators.
More than a dozen carmakers are recalling some 100 million vehicles to replace Takata inflators, which can rupture during a crash and spew shrapnel into the vehicle. The defect has been blamed for at least 16 deaths and 180 injuries.
KSS is owned by Chinese automotive electronics supplier Ningbo Joyson Electronic Corp. Joyson also owns Preh GmbH, a maker of climate controls, sensors and vehicle electronics.
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