From para­chute straps to ex­plod­ing airbags

The Star Early Edition - - BUSINESS REPORT | INTERNATIONAL -

1933 - Takezo Takada starts Takata, maker of life­lines for para­chutes.

1960 - Takata starts mak­ing two-point seat belts.

1987 - Takata be­gins pro­duc­ing driver’s side airbag mod­ules.

1989 - Takata TK Holdings unit set up in North Carolina.

Late 1990s - Takata starts de­vel­op­ing airbags with am­mo­nium ni­trate-based pro­pel­lant in the in­fla­tors.

Early 2000s - Some man­agers in the com­pany be­come aware of in­fla­tor fail­ures, in­clud­ing rup­tures. Test re­port data was al­tered to hide this from car maker cus­tomers.

2003 - Takata learns of a rup­ture dur­ing airbag de­ploy­ment in a ve­hi­cle in Switzer­land. Does not re­port in­ci­dent to US trans­port au­thor­i­ties.

2008 - Honda re­calls 4 000 Ac­cords and Civics glob­ally over Takata in­fla­tors that can ex­plode with ex­ces­sive force, spew­ing shrap­nel into pas­sen­ger com­part­ments.

Around 2009 - Se­nior Takata ex­ec­u­tives be­come aware of fal­si­fied test data be­ing pro­vided to at least one car maker. No dis­ci­plinary ac­tion taken at the time. 2010 - Honda expands re­calls. 2013 - Toy­ota, Honda, Nis­san, Mazda,

BMW re­call around 3.4 mil­lion ve­hi­cles glob­ally.

May, 2014 - Takata tells US Na­tional High­way Traf­fic Safety Ad­min­is­tra­tion (NHTSA) rup­tures ap­pear to re­flect longterm ex­po­sure to high hu­mid­ity and pro­cess­ing is­sues.

June - Toy­ota, Honda, Nis­san, Mazda ex­pand re­calls, bring­ing to­tal re­call to 10.5 mil­lion ve­hi­cles. NHTSA opens probe. Takata says noth­ing to in­di­cate in­fla­tor safety de­fects.

Oc­to­ber - NHTSA expands US re­call to 7.8 mil­lion ve­hi­cles.

Novem­ber - New York Times re­ports Takata or­dered tech­ni­cians to de­stroy test re­sults show­ing cracks in in­fla­tors. Demo­cratic law­mak­ers call for crim­i­nal probe.

Fe­bru­ary, 2015 - NHTSA fines Takata $14 000 a day for not co-op­er­at­ing fully with agency probe.

May - NHTSA says Takata ad­mits some in­fla­tors faulty. Some car mak­ers ex­pand re­calls; Chrysler, Mit­subishi, Fuji Heavy In­dus­tries, Gen­eral Mo­tors join re­calls, push­ing global to­tal over 31 mil­lion ve­hi­cles.

Novem­ber - Takata agrees to halt new con­tracts for am­mo­nium-ni­trate in­fla­tors in the US, phases out man­u­fac­ture and sale of such in­fla­tors with­out des­ic­cant. Honda says Takata mis­rep­re­sented, ma­nip­u­lated tests. Honda, Toy­ota and oth­ers say they will stop us­ing Takata in­fla­tors.

Fe­bru­ary, 2016 - Takata names an out­side steer­ing com­mit­tee to de­velop a com­pre­hen­sive restruc­tur­ing plan while it con­tin­ues to sup­ply re­call in­fla­tors.

May - NHTSA re­calls another 35 to 40 mil­lion in­fla­tors, on top of 29 mil­lion al­ready re­called.

June - Takata chief ex­ec­u­tive Shige­hisa Takada, grand­son of founder, says he will re­sign af­ter a “new man­age­ment regime” is found.

July - Honda says ini­tial au­dit finds Takata en­gaged in wide­spread ma­nip­u­la­tion of test re­sults for Honda in­fla­tors.

Jan­uary, 2017 - Takata pleads guilty to US crim­i­nal wrong­do­ing, agrees to pay $1 billion fine.

May - Takata posts a full-year net loss of ¥79.6 billion, its third straight an­nual loss, over ris­ing in­fla­tor re­place­ment costs.

June 26 - Takata files for bank­ruptcy pro­tec­tion in the US and Ja­pan. Key Safety Sys­tems named as fi­nan­cial spon­sor. Takada says he and top man­age­ment will re­sign when takeover com­plete, ex­pected in early 2018.

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.