Takata Corporation to Purchase BAE Systems Safety Products Inc. and Schroth Safety Products Businesses
DETROIT, Dec. 23, 2011 /PRNewswire/ --Takata Corporation has announced an agreement for the purchase of the BAE Systems Safety Products Inc. ("Safety Products") and Schroth Safety Products GmbH ("Schroth") businesses from BAE Systems for cash consideration of approximately $32 million.
The businesses include operations in Pompano Beach, Florida, and Arnsberg, Germany, and employ approximately 150 people who design and manufacture occupant restraints and safety products that are utilized across commercial and defense ground and aerospace platforms.
The purchase of the Safety Products and Schroth businesses is conditional, among other things, upon receiving certain regulatory approvals and is expected to close during the first quarter of 2012.
Takata Corporation is a global leader in passive and active safety systems. Its customers include nearly every automotive manufacturer and several Tier One suppliers. Its technology features a strong emphasis on safety restraint systems, air bags, safety electronics, interior trim, and special fabrics and textile materials. Takata's worldwide sales approach $5 billion annually, with the company operating 46 manufacturing locations in 17 countries, and 11 research and development locations on three continents. Takata employs about 35,000 people globally, with more than 18,500 in North America.
SOURCE Takata Corporation