Embroiled parts supplier Takata is taking its first step in restructuring itself after the company found itself delving deeper into the global airbag crisis.
According to Automotive News Europe, the company is looking into overhauling its airbag inflator division, along with the selling of its non-core businesses. This comes after the company declared its third annual loss in four years. The trend is expected to continue as more airbag inflators are being recalled.
The exact cost of the damages, injuries and recalls caused by Takata's airbag recall is not yet clear as the company stated that they have to clarify the exact root of the problem.
“Once we determine the cause of the airbag defect, then we'll discuss costs with automakers,” said Yoichiro Nomura, Chief Financial Officer at Takata.
For now, the company has hired a team of experts that will help with the restructuring plan which they plan to deploy by the end of 2016. There is even talks with Japanese chemical giant, Daicel Corporation, for a partnership in making new inflators. They specialize in engineering plastics, liquid crystal polymers and even auto airbag inflators.
Just last week, the US National Highway Safety Administration (NHTSA) announced that Takata will have to recall an additional 35-40 million airbag inflators. With it, Takata is required to make a series of safety recalls that will take place from May 2016 – December 2019.