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Business

Takata seals deal to shed most businesses and assets

Scandal-tainted Japanese air bag maker will use proceeds for repaying creditors

TOKYO -- Takata will sell the bulk of its operations and assets to American company Key Safety Systems under a final agreement announced Tuesday.

The Japanese company said in June that it would file for bankruptcy protection in Japan and the U.S. Takata and KSS reached a basic agreement on business and asset sales that month. In keeping with that deal, Takata will sell everything except certain assets and operations related to air bag inflators to KSS for $1.58 billion.

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