Takata to sell US automotive interiors unit

Troubled airbag maker Takata is selling its US automotive interior trim and seating material operation, raising cash as its airbag inflator recall costs continue to mount.

The Japanese company is selling Irvin Automotive Products of Pontiac, Michigan, a supplier of seat trim, headrest covers, sun visors, armrests and console lids, to Piston Group, an automotive parts supplier.

The sale price was not disclosed, but Piston, which is also based in Michigan, said in a statement that Irvin has annual sales of US$500m.

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