The Japanese car parts maker is facing billions of dollars in liabilities over its defective air bags, which have been linked to at least 17 deaths worldwide.
Some of the air bags contained faulty inflators which expanded with too much force, spraying metal shrapnel.
Key Safety Systems (KSS) has bought all of Takata’s assets, apart from those relating to the air bags.
The $1.6 billion deal was announced after Takata filed for chapter 11 bankruptcy protection in the US, with similar action taken in Japan.
KSS CEO Jason Luo: “Although Takata has been impacted by the global airbag recall, the underlying strength of its skilled employee base, geographic reach, and exceptional steering wheels, seat belts and other safety products have not diminished.”
More than 100 million cars with Takata air bags, including around 70 million vehicles in the US, have been recalled since concerns first emerged in 2007. It is the biggest safety recall in automotive history.
Image source: Wikimedia Commons President-elect Donald Trump celebrated his election victory at the Ultimate Fighting…
Millions of voters across the US chose to return Donald Trump to the White House…
Donald Trump declares victory in the US election as he addresses jubilant supporters in Florida.…
Stocks around the world are rising as Donald Trump appears to be on the cusp…
Donald Trump has won Pennsylvania, North Carolina and Georgia and taken a lead over Kamala…
Quincy Jones, the celebrated musician and producer who worked with Michael Jackson, Frank Sinatra, Ray…