Joyson Safety Systems (JSS), formerly known as Key Safety Systems (KSS) is an American company owned by Chinese Investors, that develops and manufactures
automotive safety systems. The company is a result of KSS purchasing troubled Japanese airbag company
Takata Corporation
was a Japanese automotive parts company. The company had production facilities on four continents, with its European headquarters located in Germany.Anghel, Alexandru (December 10, 2009)."Takata Petri hires 1,000 people in half a year in Arad an ...
. It is owned jointly by Joyson group (China) and
PAG capital (Hong Kong). The company headquarters is in
Auburn Hills, Michigan, 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 Tao Liu.
JSS 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 and
Daicel
is a chemical company based in Japan. It operates business in celluloid technologies, organic chemicals, high-performance chemicals, polymers and pyrotechnic devices. The company's products include cellulose acetate, tow for cigarette filters, ...
to acquire Takata.
History
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
The United States Congress is the legislature of the federal government of the United States. It is bicameral, composed of a lower body, the House of Representatives, and an upper body, the Senate. It meets in the U.S. Capitol in Washing ...
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 $ billion in ) to acquire 11 different companies attempting to expand BTI's influence in the automotive component market. Once such acquisition in 1997, was the company called AlliedSignal.
AlliedSignal established a major presence in the automotive safety restraint market through its Safety Restraints (SRS) operations. The firm was the only supplier of automotive seatbelts and airbags at the time that had complete vertical operations, from fiber extrusion through finished product. SRS Plant in Knoxville performing all fabric weaving and finishing operations for airbag and seatbelt fabrics while SRS plants in Maryville and Greenville performed the cutting, sewing and final assembly of components. Which were then delivered to customers such as General Motors, Suzuki and Chrysler Corp. among others.
In September 1999, BTI filed for
Chapter 11
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, wheth ...
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
Lakeland is the most populous city in Polk County, Florida, part of the Tampa Bay Area, located along Interstate 4 east of Tampa. According to the 2020 U.S. Census Bureau release, the city had a population of 112,641. Lakeland is a principal ci ...
to
Sterling Heights, Michigan.
In September 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 were equal to $3 billion at the time of the purchase.
Takata acquisition
In June 2017
Takata Corporation
was a Japanese automotive parts company. The company had production facilities on four continents, with its European headquarters located in Germany.Anghel, Alexandru (December 10, 2009)."Takata Petri hires 1,000 people in half a year in Arad an ...
, an
airbag manufacturer, filed for
bankruptcy in the United States and Japan due to lawsuits and large
product recall
A product recall is a request from a manufacturer to return a product after the discovery of safety issues or product defects that might endanger the consumer or put the maker/seller at risk of legal action.
The recall is an effort to limit rui ...
s 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.
See also
*
Autoliv
*
Automobile safety
Automotive safety is the study and practice of design, construction, equipment and regulation to minimize the occurrence and consequences of traffic collisions involving motor vehicles. Road traffic safety more broadly includes roadway design ...
*
Takata Corporation
was a Japanese automotive parts company. The company had production facilities on four continents, with its European headquarters located in Germany.Anghel, Alexandru (December 10, 2009)."Takata Petri hires 1,000 people in half a year in Arad an ...
*
Vehicle safety technology
Vehicle safety technology (VST) in the automotive industry refers to the special technology developed to ensure the safety and security of automobiles and their passengers. The term encompasses a broad umbrella of projects and devices within the ...
*
ZF Friedrichshafen
ZF Friedrichshafen AG, also known as ZF Group, originally ''Zahnradfabrik Friedrichshafen'', and commonly abbreviated to ZF (ZF = "Zahnradfabrik" = "Cogwheel Factory"), is a German car parts maker headquartered in Friedrichshafen, in the south- ...
References
{{reflist
External links
Corporate website* https://www.joyson.cn/
* https://www.joysonsafety.com/
Vehicle safety technologies
Auto parts suppliers of the United States
Chrysler
Ford Motor Company
General Motors
Honda
Mazda
Nissan
Toyota
2003 mergers and acquisitions
2016 mergers and acquisitions
2018 mergers and acquisitions
Multinational companies headquartered in the United States
Multinational companies headquartered in China