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Takata To Sell Auto Interior Business — Report
Japanese automotive parts company Takata is set to sell its interiors subsidiary, Irvin Automotive, to an American automotive parts supplier based in Detroit.
Takata had put Irwin Automotive up for sale in February as it struggled to cope with the largest ever recall in automotive history.
Inrwin Automotive Inc. will be purchased by the Detroit-based Piston Group, which is owned by former NBA basketball player Vinnie Jones (who won his two NBA titles in 1989 and 1990 with the Detroit Pistons).
According to Automotive News, the deal is expected to be closed later this week, at an undisclosed price.
Irwin Automotive is based out of Detroit but has its manufacturing plants in Mexico, makes pieces for vehicle interiors such as seat trim, visors and arm rests.
Takata itself is expected to be sold as it reels from the after effects of a recall could over 100 million cars around the world which could cost the company more than $24 billion. The vehicle are being called back to replace explosive airbags manufactured by the company. The airbags reportedly can explode, shooting shrapnel into the cockpit, and have been linked to the deaths of 15 people worldwide. Over 100 people have been injure by the exploding airbags as well.
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