Former Detroit Piston Company Buys A Division Of The Embattled Takata Corporation
Takata Corp., facing billions of dollars in liabilities related to its defective air-bag systems, sold an interiors unit to Vinnie Johnson, the former pro-basketball star who runs a handful of auto-parts companies under his Piston Group. Takata sold its Irvin Automotive Inc. unit to closely held Piston Group, the Michigan company said Wednesday in a statement. Terms weren’t disclosed, but the Nikkei reported Tuesday that the price was to be about 17 billion yen ($170
million). Irvin, which makes interior trim pieces, such as auto-seat covers, is based in Pontiac, Michigan, with $500 million in annual sales to customers including Nissan Motor Co. and Delta Air Lines Inc.