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Message: <blockquote data-quote="GroundZero1985" data-source="post: 22116032" data-attributes="member: 438967">Sri Lanka-based airbag sensor maker to buy Japan parentECONOMYNEXT: Lanka Harness, a Sri Lanka-based precision technology company that makes airbag sensors and seat belts, plans to buyout its parent Ito Springs of Japan.Managing Director Rohan Pallewatte told the Colombo-based Echelon business magazine the deal would be completed this year increasing its clout in the US and European markets. Ito Sprints is a supplier to top Japanese firms including Toyota, Nissan and Honda. Lanka Harness was set up in 2002, with a US $ 8 million 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 Japanese automakers who rely on so-called tier-one suppliers for on-time delivery.  <a href="http://www.dailymirror.lk/article/Sri-Lanka-based-airbag-sensor-maker-to-buy-Japan-parent-124332.html" target="_blank">http://www.dailymirror.lk/article/Sri-Lanka-based-airbag-sensor-maker-to-buy-Japan-parent-124332.html</a>Lanka Harness gets airbag recall replacement order<a href="http://www.economynext.com/Lanka_Harness_gets_airbag_recall_replacement_order-3-2220.html" target="_blank">http://www.economynext.com/Lanka_Harness_gets_airbag_recall_replacement_order-3-2220.html</a></blockquote>

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