REDFORD & AUBURN HILLS, Mich. & TOKYO--(BUSINESS WIRE)--Takata Corporation (“Takata”), a leading global supplier of automotive safety systems, today announced that it has sold its subsidiary, Irvin Automotive Products Inc. (“Irvin”), to Detroit entrepreneur Vinnie Johnson, chairman and CEO of the Piston Group, in an all-cash transaction. Terms of the transaction were not disclosed. Irvin will operate as a separate company within the Piston Group.
Irvin, which is headquartered in Pontiac, Michigan, has approximately 7,000 employees and five manufacturing and warehouse facilities in the U.S. and Mexico, is a market leading producer of automotive interior trim products, including seat covers, headrests, cargo shades, center and door armrests, sun visors and bolsters. Irvin is separate from Takata’s safety products group, which provides airbags, seat belts and steering wheels.
Shigehisa Takada, Chairman and CEO of Takata, said, “Today’s announcement is the culmination of a very thorough process, with the assistance of our financial advisors, Moelis & Company and SMBC Nikko Securities Inc., to find the right strategic buyer for Irvin. We believe that, under the stewardship of the Piston Group, Irvin will be able to accelerate its successful growth and development, and continue to meet the needs of automotive customers. For Takata, this transaction gives us additional financial flexibility and enables us to focus on our safety operations, with a particular focus on managing the complex, global airbag recalls alongside our automotive customers and regulators.”
Vinnie Johnson, Chairman and CEO of Piston Group, said, “We are thrilled to acquire this outstanding business that manufactures high quality interior products for some of the world’s leading automakers. Irvin and its employees share our commitment to not only building world-class parts, but developing and maintaining long-term partnerships with our customers and adding value throughout the production process. Irvin will be a highly complementary addition to the Piston Group family, and we look forward to providing the resources to continue growing this business and building on its already excellent reputation in the market today.”
Moelis & Company and SMBC Nikko Securities Inc. served as financial advisors to Takata and Tuggle Duggins P.A. provided legal counsel to Takata in connection with the transaction.
About Piston Group
Piston Automotive and Detroit Thermal Systems design, engineer, assemble and manufacture a wide variety of automotive parts and systems. With annual sales of more than $1 billion, Piston Automotive has 700 employees at locations in Detroit; Redford, Michigan; Louisville, Kentucky; North Kansas City, Missouri, and Toledo, Ohio. Based in Romulus, Michigan, Detroit Thermal Systems has 600 employees with annual sales of $270 million. AIREA, Inc. is an office design studio and furniture dealer with stores in Detroit and Southfield, Michigan. AIREA has 30 employees with annual sales of $20 million. Last year the three companies had combined sales of nearly $1.3 billion. All three are MBE certified. Visit www.pistongroup.com, www.detroitthermalsystems.com or www.aireainc.com for more information.
About Takata
Takata Corporation is a leading global innovator and supplier of automotive safety systems; including airbag systems, seat belts, steering wheels, electronics, sensors, and child restraint systems, and supplies all major automotive manufacturers in the world. Headquartered in Tokyo, Japan, it operates 58 facilities in 21 countries with more than 48,775 global employees worldwide.