TOKYO (Reuters) – A steering committee for Takata Corp <7312.T> has selected U.S.-based auto parts supplier Key Safety Systems as the final bidder to extend financial support for the Japanese air bag maker, three sources with knowledge of the process have told Reuters.
The steering committee has told the Japanese air bag maker’s automaker clients that it has tapped Key Safety Systems, owned by China’s Ningbo Joyson <600699.SS>, to provide financial support for the company, three sources told Reuters.
Takata is in the process of selecting a financial backer as it faces billions of dollars in costs to replace as many as around 100 million potentially defective air bag inflators that have been linked to at least 16 deaths globally.
(Reporting by Naomi Tajitsu; Editing by Sandra Maler)
