THE Philippine Competition Commission has approved Ningbo Joyson Electronics Corporation’s acquisition of Takata Corporation’s assets.
In a commission decision dated February 27, 2018, the PCC said the acquisition “is not likely to result in a substantial lessening of competition in the relevant market since there are no product overlaps between the parties in the domestic market.”
“The Commission hereby resolves that it will take no further action with respect to the transaction,” the PCC added.
Ningbo Joyson earlier announced that it signed an agreement with Takata to acquire Takata’s business for no more than $1.588 billion.
Joyson Electronics is based in China and manufactures automotive electronics and functional modules. Its subsidiary Key Safety Systems Holdings Inc. is active in the research and development, design, manufacture, marketing and sale of automotive safety systems.
Takata, on the other hand, is a Japanese company that designs and manufactures automotive safety systems.
The company’s subsidiary, Takata (Philippines) Corp., operates a plant in Binan, Laguna and manufactures airbag fabric and cushion, and seatbelt webbing, for export to related parties under the Takata group.