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Automotive Safety Components International Inc history
Automotive Safety Components International Inc company history timeline
Sales were $7 million in 1992.
Zummo had in 1993 bought Valentec International Corp. from Insilco Corp., a Big Board-listed United States defense contractor based in Meriden, Connecticut, that had acquired Valentec eight years earlier.
For an 11-month fiscal year ended March 31, 1994, they were up to $22.4 million.
The company completed an initial public offering on the NASDAQ (ticker: ABAG) in May 1994.
1994: Safety Components International (SCI), a subsidiary of defense contractor Valentec, is spun off in an initial public offering.
Auto air-bag maker Safety Components International Inc. said it has acquired the car parts company that has been its major shareholder since its inception in 1994.
Sales reached $51.8 million in 1995, with net income of $2.1 million.
A research and development center was set up there in 1995.
A joint venture was established in China in 1995 but was ended after four years.
Mercedes-Benz, BMW and Bosch led the invention of ESC in 1995 with the Mercedes-Benz S 600 Coupé and BMW 7 Series (E38) being the first models to have it fitted.
An 80 percent share of Phoenix Airbag GmbH, based in Hildesheim, Germany, was acquired in 1996 for about $22 million, plus up to an additional $7.5 million if it met certain financial targets.
The first worldwide radar-assisted adaptive cruise control was introduced by Mercedes-Benz on its S-Class and CL-Class in 1999.
Safety Components filed for bankruptcy protection in April 2000 and emerged from the prearranged Chapter 11 reorganization six months later.
Increasing airbag use in Europe and Asia was expected to push demand to 158 million modules by 2000.
In November 2001, Safety Components, through its U.K. subsidiary Automotive Safety Components International Limited, acquired Woodville Airbag Engineering from Smiths Group plc subsidiary TISPP UK Limited in November 2001.
Galion, Inc., an Ohio-based defense business, was sold to an affiliate of The Diversified Group Incorporated in December 2002 for $454,000.
Business buyers in pole position on Race to Zero as consumers stuck on the grid for electric vehicle adoption25 March 2021
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Automotive Safety Components International Inc may also be known as or be related to AUTOMOTIVE SAFETY COMPONENTS and Automotive Safety Components International Inc.