KSS completes merger with Joyson

Key Safety Systems (KSS) has announced that its merger with Ningbo Joyson Electronic Corporation (Joyson) has been completed. The combination creates an automotive supplier business with annual sales of over US$$3bn and 20,000 employees worldwide. Joyson, is a multi-national company, listed on the Shanghai stock exchange, with headquarters in Ningbo, China, and facilities throughout the Americas, Asia and Europe.

Under the terms of the merger, Joyson acquired outstanding KSS shares and KSS survives the merger as an independent group company headquartered in Michigan, USA. Joyson has strategically organised into three primary divisions covering the automotive electronic and automation, automotive component, and safety markets, with KSS serving as Joyson's first and foundational investment in safety.

Jason Luo will continue to lead KSS as its CEO and will also serve as vice chairman. Jeff Wang, chairman and founder of Joyson, has been named chairman of KSS.

Wang said, "independently, Joyson and KSS achieved market leading growth, and we see excellent prospects to further accelerate this growth as we implement a complementary long-term strategy. I am particularly optimistic about the prospect of moving forward together in the areas of active safety, autonomous and intelligent driving, and human machine interface where the companies have unique synergy. Through this acquisition, Joyson more than doubles in size, firmly establishing itself as an industry leader well positioned to serve as a trusted global partner to the world's best automakers."
Luo said, "KSS is very excited to begin implementing the next phase of our strategic growth plan being a Joyson group company. The combined strength of Joyson and KSS serves to position the company to capitalise on significant opportunities related to current market dynamics and technology trends. We truly appreciate the confidence our customers throughout the world have placed in KSS, and we remain committed to serving them in an aligned and collaborative manner for the long term.