Takata sells interiors biz

Takata’s interiors subsidiary, Irvin Automotive, is to be sold to Detroit auto parts maker Piston Group, Reuters reports. The deal is expected to close this week at an undisclosed price, according to an unnamed source. The Takata deal with Piston Group is not directly related to the larger effort to secure a lifeline for Takata’s primary seat belt and airbag businesses. Takata’s airbag inflators, which contain ammonium nitrate, have been linked to at least 14 deaths and more than 150 injuries, resulting in the largest-ever vehicle recall in history. The plan to sell the main Takata business to a rescuer was expected by the end of the year but may extend into next year, as some bidders want the airbag maker to become bankrupt to wipe out most of its debt, Reuters reports. Irvin Automotive makes pieces for vehicle interiors such as seat trim, visors and arm rests. Its headquarters is in Detroit but most of its 7000 employees work in manufacturing plants in Mexico. The Piston Group, headed by former National Basketball Association player Vinnie Johnson, had revenue of NZ$1.8 billion last year. Its largest business is Piston Automotive, which has 700 employees and plants in Michigan, Missouri, Ohio and Kentucky.