Auto components maker Key Safety Systems yesterday completed its $1.6 billion deal to acquire air-bag maker Takata Corp, whose inflators triggered the auto industry’s biggest recall and have been linked to at least 22 deaths around the world, Reuters reported. After more than a decade of recalls, lawsuits and a criminal investigation which drove Takata to bankruptcy, the deal ensures the Japanese company will be able to continue producing replacement inflators before winding itself down, which may take years. The combined companies would be renamed Joyson Safety Systems, after a consortium led by KSS’s Chinese parent company, Ningbo Joyson Electronic Corporation, provided funding to acquire most of Takata’s operations, Joyson Safety Systems said in a statement. The new company will be based in Michigan.
