Joyson Safety Systems
Wikipedia: Joyson Safety Systems
The following section is an excerpt from Wikipedia's Joyson Safety Systems page on 10 November 2018, text available via the Creative Commons Attribution-ShareAlike 3.0 Unported License.
Joyson Safety Systems (JSS), formerly known as Key Safety Systems (KSS) is a company that develops and manufactures automotive safety systems. The company is a result of the merger between KSS and Takata Corporation after KSS acquired Takata. The safety systems are installed in hundreds of vehicle models. The company headquarters is in Auburn Hills, Michigan, Michigan, in the United States. Globally, the company has 50,000 employees who work in 32 plants and technical centers worldwide. The current JSS Executive Director and President is Guido Durrer.
The company is owned by Ningbo Joyson Electronic, described as a "Chinese automotive conglomerate" that acquired Key Safety Systems in 2016 for $920 million. The combined sales of both companies are more than $3 billion. Ningbo Joyson Electronic competed against other large companies in the industry including Autoliv to acquire KSS.
Origins as Breed Automotive Corporation
JSS was initially founded as Breed Corporation in 1961 by Allen K. Breed as a defense-oriented producer of ammunition components, including mortar fuses. In 1968 Breed Corporation, using their fuse technology developed an electromechanical airbag sensor. The sensor was not widely used until mid-1980s when the United States government had a federal mandate for passive restraint systems. Following Breed Corporation’s success in developing the first automotive crash sensor in 1984, the airbag sensor part of the corporation was spun off as its own corporation in 1986 as Breed Automotive Corporation (BAC).
In 1991, the United States Congress decreed that all new cars must be equipped with airbags by 1997. In the same year, BAC changed its name to Breed Technologies, Inc (BTI) and went public on the New York Stock Exchange in November 1992. In 1997, Allen Breed retired as CEO, but continued to serve the company as Chairman Emeritus until his death in December 1999. Breed’s wife, Johnnie Breed, would take over as CEO.
Between the years of 1994 and 1998, BTI had spent $1.1 billion (equivalent to $1.82 billion in 2017) to acquire 11 different companies attempting to expand BTI’s influence in the automotive component market. In September 1999, BTI filed for Chapter 11 bankruptcy as a result of the massive debt it took on to acquire those companies, and the fiscal losses it faced in 1998.
Renamed to Key Safety Systems
In April 2003, BTI was bought by Carlyle Management Group (CMG) for between $300 and $315 million. CMG moved BTI’s headquarters from Lakeland, Florida to Sterling Heights, Michigan. In September of 2003, CMG announced that BTI would be renamed to Key Safety Systems (KSS). The name change was to show KSS’s unification with CMG’s other affiliates under the Key Automotive Group brand.
KSS continued to operate under Key Automotive Group until it was acquired by the Chinese based company, Ningbo Joyson Electronic Corporation (“Joyson Electronics”) in early 2016, for $920 million. The companies’ combined sales worldwide are equal to $3 billion.
In June 2017 Takata Corporation, an airbag manufacturer, filed for bankruptcy in the United States and Japan due to lawsuits and large product recalls for unsafe airbags (with faulty airbag inflators) which the company sold to major automotive manufacturers. KSS acquired the remaining Takata assets for about $1.6 billion.
Renamed to Joyson Safety Systems
Following the antitrust clearance and bankruptcy court approvals in various countries, on April 11, 2018, KSS announced the completion of its acquisition of Takata, and changed its name to Joyson Safety Systems.
|7 November 2018||Foreign-Trade Zone (FTZ) 203--Moses Lake, Washington, Notification of Proposed Production Activity, Joyson Safety Systems Acquisition, LLC (Automotive Airbag Inflators and Propellants), Moses Lake, Washington||Federal Register: DoC (Andrew McGilvray)|
|17 December 2019||Foreign-Trade Zone (FTZ) 203--Moses Lake, Washington; Authorization of Production Activity; Joyson Safety Systems Acquisition, LLC; (Automotive Airbag Inflators and Propellants); Moses Lake, Washington||Federal Register: DoC (Elizabeth Whiteman)|
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