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Business

Toyoda Gosei, Daicel partnering in air bag development

Companies to buy nearly $9m stakes in each other

NAGOYA, Japan -- Automotive components suppliers Toyoda Gosei and Daicel will develop safety-related products together and form a capital tie-up under an agreement announced Friday.

Each company will spend about 1 billion yen ($8.97 million) to acquire less than 1% of the other. Toyoda Gosei already procures Daicel inflators for use in its air bags for automakers. With the new agreement, they will also conduct development together.

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