Ningbo Joyson Electronic said on Friday that it has agreed to buy two overseas firms with autonomous driving know-how for more than $1.1 billion, illustrating the Chinese car industry's determination to keep pace with the latest technological developments.
The Shanghai-listed automotive electronics supplier said it will acquire US-based airbag and seat belt maker Key Safety Systems (KSS) for $920 million and the car navigation division of TechniSat Digital GmbH, a German manufacturer of direct broadcast satellite receivers, for €180 million ($205 million), according to its filing with the local stock exchange. Both takeovers will be paid in cash and have been approved by the company’s board.
Set up in 2004 by Wang Jianfeng, Joyson Electronic has quickly developed into one of China’s largest auto component suppliers and has a rafter of global marquee clients, including car makers Volkswagen, General Motors, and Mercedes-Benz.
