Embattled air bag manufacturer Takata Corp. plans to sell most of its shares in other companies, including automakers, as it covers the costs of recalling defective air bags, informed sources said Tuesday.
As of the end of March last year, Takata held shares in Honda Motor Co., Toyota Motor Corp., Nissan Motor Co. and other companies. The value of Takata’s shareholdings booked on the balance sheet totaled ¥16.3 billion.
Takata is also considering selling U.S. unit Irvin Automotive Products Inc., which was acquired in 1989.
The Pontiac, Michigan-based unit manufactures auto interior products such as seat materials and armrests. Its annual sales are between ¥50 billion and ¥60 billion, the sources said.