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Message: <blockquote data-quote="monson" data-source="post: 21276197" data-attributes="member: 30005">Sri Lanka based airbag sensor maker to buy Japan parentFeb 22, 2017 11:17 AM GMT+0530ECONOMYNEXT - Lanka Harness, a Sri Lanka based precision technology company that makes airbag sensors and seat belts, plans to buy out its parent Ito Springs of Japan.Managing Director Rohan Pallewatte told Colombo-base Echelon business magazine, the deal will be completed this year increasing its clout in US and Europe markets.Ito Sprints is a supplier to top Japanese firms including Toyota, Nissan and Honda.Lanka Harness was set up in 2002, with an 8 million dollar investment by Ito Springs with 350 people making 350,000 sensors. It now makes two million, supplying firms outside Japan including Aston Martin, BMW, Fiat-Chrysler, Ford, Saab, Volkswagen and Volvo."I built the non-Japanese business on my own," Pallewatte was quoted as saying. "When I acquire the parent company, I can be more aggressive."I will have the added advantage of negotiating from Japan, home to several giants in the industry, and heading a company that has been a tier-one supplier for decades. Imagine what I could achieve."The deal will tightly integrate the firm with the supply chain of of Japanese automakers who rely on so-called tier-one suppliers for on-time delivery. (Colombo/Feb22/2017) - <a href="http://www.economynext.com/Sri_Lanka_based_airbag_sensor_maker_to_buy_Japan_parent-3-7407-4.html" target="_blank">http://www.economynext.com/Sri_Lanka_based_airbag_sensor_maker_to_buy_Japan_parent-3-7407-4.html</a>Lanka Harness joins the elite tier of auto suppliersThe company that makes impact sensors for airbags and seatbelts will get a boost when it acquires its Japanese parent company in 2017, consolidating its position as a tier-one automotive supplierFebruary 15, 2017    By Devan Daniel    Lanka Harness, a $40 million export revenue company making impact sensors for airbags and seatbelts, will acquire its parent company Ito Springs Japan in 2017, giving it a significant boost to grow its business by supplying directly to carmakers in Europe and the US.<a href="http://echelon.lk/home/lanka-harness-joins-the-elite-tier-of-auto-suppliers/" target="_blank">Read more</a></blockquote>

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