Takata bought by Key Safety Systems in $1.6 billion deal: reports

Takata Corp, the bankrupt Japanese maker of automobile air bags, has been acquired for $1.6 billion by Key Safety Systems, according to reports early Thursday. Takata President Shigehisa Takada announced he has resigned as president and chairman, and will be replaced by CFO Yoichiro Nomura, the Associated Press reported. Key Safety Systems is owned by China-based Ningbo Joyson Electronic Corp. 600699, -1.70% and Takata will be rebranded as Joyson Safety Systems, the Financial Times reported. Takata has been under fire over a defective air-bag scandal that has resulted in 50 million air bags being recalled in the U.S. alone. The defective air bags have been linked to at least 22 deaths and hundreds of injuries.