Key Safety Systems, Inc.

Company Profile

■URL

http://www.keysafetyinc.com/

■Address

7000 19 Mile Road, Sterling Heights, MI 48314, USA

Business Overview

-A designer and manufacturer of safety-critical components and systems including airbags, seat belts and steering wheels.

-The Company's products are used in more than 300 vehicle models produced by over 60 automobile manufacturers worldwide.

Shareholders

-In June 2016, Ningbo Joyson Electronic Corporation completed a merger with the Company, acquiring all of the Company’s outstanding shares. The Company will remain as an independent group company.

Products

Active safety systems
-Autonomous technologies

  • Facial recognition technology
  • Driver attention monitoring
  • Occupant positioning sensors
  • Early mechatronic restraint preparedness
  • Surround view vision systems
  • Intelligent sensors
  • Advanced Driver Assist Systems
  • Park Assist system
  • Accident recording system

-Event protection

  • Active body panels
  • Fire suppression protection
  • Rapid interruption mechatronic devices
  • High voltage line cutters

-Integrated safety & electronics

Passive safety systems
-Airbags

  • Driver airbags
  • Passenger airbags
  • Adaptive passenger airbags
  • Pelvis-thorax side airbags
  • Knee airbags
  • Curtain airbags
  • Occupant to Occupant (OTO) airbags

-Inflators

  • Advanced driver inflators
  • Advanced passenger inflators
  • Cold gas inflators
  • Cold gas curtain inflators
  • Side and knee inflators

-Seat belts

  • Buckle Seat Belt Tension Sensor (SBTS)
  • Buckles
  • Buckle pretensioners
  • Sill-end pretensioners
  • 3-door sill-end pretensioners
  • Global Modular Retractors (GMR)
  • Compact Pretensioner (CPT) retractors
  • Multi-Level Load Limiter (MLL) retractors
  • Inflatable seat belts

-Steering wheels

  • Heated steering wheels
  • Airbag integrated steering wheels
  • Integrated electronic steering wheels
  • Solid wood and wood shell steering wheels
  • Leather wrapped steering wheels

History

Dec. 1986 The Company was incorporated in Delaware as Breed Automotive Corp.
Sep. 1992 Changed its name to Breed Technologies, Inc.
Dec. 1993 Entered into a joint venture with IAO Riunite Industrie S.p.A. to form BREED Italia, a manufacturer of airbag modules in Italy for existing and newly-awarded business with Fiat Auto, S.p.A.
Aug. 1994 Acquired 100% of the stock of Hamlin, Inc. in exchange for common shares of the Company.
May 1995 Acquired an additional 10% of BREED Italia, the joint venture between the Company and IAO Industrie Riunite SpA (IAO).
Jun. 1995 Acquired Vaisala Technologies, Inc. Oy (VTI), a world leader in the design and production of silicon capacitive micromachined silicon sensors.
Apr. 1996 Acquired all of the outstanding shares of MOMO S.p.A. And G. Holding, S.r.l. (collectively "MOMO"), an original equipment manufacturer and aftermarket supplier of luxury steering wheels and alloy wheels.
Acquired all of the outstanding shares of Italtest S.r.l., an Italian manufacturer of printed circuit boards for the automotive, computer and telecommunications markets.
May 1996 Acquired all of the outstanding shares of Force Imaging Technologies, Inc., a manufacturer of thin-profile variable force sensors for multi-function automotive capabilities.
Jul. 1996 Acquired Gallino, the third largest European manufacturer of steering wheels, from IAO Indusrie Riunite.
Oct. 1996 Acquired the steering wheel operations of UTA (United Technologies Automotive) and renamed the company to United Steering Systems.
Feb. 1997 Consummated the acquisition of the stock of BTI Investments, Inc., ("BTI") a holding company which owns the Custom Trim Group of Companies
Mar. 1997 Opened sales office in Korea.
Established a new technical center in Michigan.
Apr. 1997 Signed a new supply agreement with GM to deliver steering wheels for a future GM program. This is the first Tier 1 sourcing for the Company with GM.
May 1997 Announced the world's first airbag contract with a Chinese original equipment manufacturer. The Company will supply First Auto Works with airbag systems.
Signed a new supply agreement with Sungwoo Corporation to deliver driver and passenger side nonazide inflators.
Sep. 1997 Filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code.
Oct. 1997 Signed a Memorandum of Understanding with Siemens Aktiengesellschaft, Automotive Systems Group to form a global strategic alliance for the worldwide research, development, engineering, assembly and marketing of motor vehicle occupant safety restraint systems. This strategic partnership will offer customers the Company's occupant safety system technologies and components combined with Siemens Automotive's advanced sensors and occupant safety electronics in an integrated package.
Became the third largest supplier of occupant restraint systems and the largest U.S. manufacturer of seat belts through the acquisition of the occupant restraint division of AlliedSignal.
Dec. 1997 Established BSRS Restraint Systems, a joint venture with Siemens Automotive for occupant safety restraint systems.
May 1998 Acquired HS Technik & Design, which developed advanced technology for seat belt systems.
May 1999 Formed a joint venture with Textron Automotive Company Inc. and Magneti Marelli S.p.A. The new joint venture company, named Textron Breed Automotive S.r.l. has been established to design and manufacture world-class instrument panels, bumpers and exterior and interior trim.
1999 Implemented a repositioning program, in which it closed or sold approximately 45 manufacturing facilities and reduced its workforce by around 4,000.
Jun. 2000 Harvard Industries has entered into an agreement with the Company on combining their businesses under a plan for the Company to emerge from Chapter 11. The combined operations will have annual revenues of around USD 1.7 billion. Roger Pollazzi of Harvard will be chairman and chief executive.
Dec. 2000 The Company's plan of reorganization was confirmed by the United State Bankruptcy Court. And the Company emerged from the Chapter 11 bankruptcy process.
-The Plan provides for the cancellation of all the Company's common stock outstanding.
-The Company's bank lenders will end up with around 94% of reorganized the Company's common stock plus a $100 million note.
-The Company will continue as a private corporation with new capital and ownership structures. As previously announced, John Riess, the former CEO of Gates Rubber Company, has been named the Company's CEO.
Sep. 2003 Breed Technologies, Inc. changed its name to Key Safety Systems, Inc. and completed the relocation of its worldwide headquarters to Sterling Heights, Michigan. The new name and change of address officially closes the integration of Breed by the Carlyle Management Group and classs Key Safety Systems, Inc. with its affiliate, Key Plastics, L.L.C. in the Detroit area under the unified Key Automotive Group brand.
Mar. 2006 Announced the grand opening of its Asia technology and manufacturing center in Shanghai, China. The center is part of the Company's joint venture with Yanfeng Visteon. The 240,000-square-foot manufacturing facility produces airbag modules, seat belt assemblies, and steering wheels and will employ over 1,000 people. The 140,000-square-foot technology center will employ over 500 engineering professionals.
Mar. 2007 Acquired by an equity company called Crestview Partners L.P.
May 2013 Divested Hamlin, a sensor manufacturer to Littelfuse.
Aug. 2014 FountainVest Partners, a Hong Kong-based private equity firm, completed an investment making it one of the owners of the Company.
Jun. 2016 Completed merger with Ningbo Joyson Electronics Corp.



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Supplemental Information 1

>>>Business Report up until FY ended June 30, 2010

Note: A figure in brackets ( ) indicates a loss