Auburn Hills, Mich., March 16, 2009 – TK Holdings Inc., a subsidiary of Takata Corporation, and M2K Seating Systems LLC today announced the joint acquisition of all assets of SynTec, Inc. located in High Point, NC. The newly formed company, SynTec Seating Solutions LLC, will produce advanced-design school bus seating systems for the expanding school bus market throughout North America.
“Our success over the years has been directly attributable to a laser-focus on continuously improving transportation safety, and what is more important than the safety of our children?” said Tim Healy, TK Holdings Inc.’s North American President and COO. “During these extremely challenging times for our entire industry, we intend to stay true to our life-saving heritage of global safety leadership, and this new joint venture is a testament to that ongoing commitment.”
Supply agreements of the deal also include Irvin Automotive Products Inc., a division of TK Holdings Inc. Irvin will supply seat covers and trim for traditional seats used in today’s school busses, as well as the advanced-design school bus seats compliant with new government regulations. In addition, Takata’s seat belt group will supply all belt requirements for the new school bus seats.
“The newly formed SynTec Seating Solutions will incorporate the proven design, engineering and production capabilities of TK Holdings Inc. with the more than 50 years of M2K’s well-established leadership in the school bus seating industry,” said Ron Lamparter, M2K Seating Systems Co-Chairman/CEO. “These synergies will now enable SynTec Seating Solutions to further enhance the quality, performance and safety of seats used in school buses, while simultaneously reducing weight and operating costs for customers.”
About TK Holdings Inc.
TK Holdings Inc. is a subsidiary of Takata Corporation, the largest producer of seat beats in the world, producing more than 80 million assemblies annually. Its technology features a strong emphasis on safety restraint systems and related components, safety electronics, interior trim and related products, and special fabrics and upholstery materials. Takata’s worldwide sales approach $5 billion annually. The company operates 46 manufacturing locations in 16 countries; 14 research and development locations on five continents. It employs 30,000 people globally; 15,000 in North America.
About M2K LLC
M2K is best known for development of an advanced-design school bus seating system used to produce conventional seats, seats with lap belts only and seats with integrated automotive type lap/shoulder belts. The M2K system also incorporates many different value-add options that enable school bus seats to be custom-tailored to meet budget and performance objectives of every school district, including illuminated seat belt buckles, seat belt usage monitoring system and a very unique system that enables all seat belts in a school bus to be simultaneously released with the push of one driver-controlled button. M2K founders have more than half a century of experience in the school bus industry, including more than 100 patents on a variety of different products already in widespread usage on school buses throughout North America.
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