The Philippine Competition Commission (PCC) has approved the acquisition of Chinese firm Ningbo Joyson Electronics Corp. (Joyson Electronics) of Takata Corp., a Japanese firm with facilities in the country.
In a decision posted on its website Wednesday, Feb. 28, the country’s anti-trust body said it has given the go-signal for Joyson Electronics to proceed its purchase of Takata’s assets, after seeing no substantial lessening of competition in the firms’ relevant market once the transaction is completed.
With the approval from the PCC, Joyson Electronics will now be the owner of Takata’s assets, which includes a plant in Biñan, Laguna. Here, the company manufactures airbag fabric and cushion, and seatbelt webbing, which are then exported to related parties under the Takata group.
“There are no product overlaps between the parties in the domestic market (Philippines),” the PCC said in its decision. — Arra B. Francia