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

Takata Corp, the bankrupt Japanese maker of automotive air baggage, has been acquired for $1.6 billion through Key Safety Systems, in keeping with studies early Thursday. Takata President Shigehisa Takada announced he has resigned as president and chairman, and can be changed through CFO Yoichiro Nomura, the Associated Press reported. Key Safety Systems is owned through China-based Ningbo Joyson Electronic Corp. 600699, -1.97% and Takata can be rebranded as Joyson Safety Systems, the Financial Times reported. Takata has been below fireplace over a defective air-bag scandal that has resulted in 50 million air baggage being recalled within the U.S. alone. The defective air baggage were connected to a minimum of 22 deaths and masses of accidents.