Breed Technologies, Inc. Changes Name to Key Safety Systems, Inc. and Relocates Headquarters to Metropolitan Detroit
Sterling Heights, Mich. Sept. 29, 2003 – Breed Technologies, Inc. announced today that it has changed its name to Key Safety Systems, Inc. and completed the relocation of its worldwide headquarters to Sterling Heights, Michigan. The new name and change of address officially closes the integration of Breed by the Carlyle Management Group and aligns Key Safety Systems, Inc. with its affiliate, Key Plastics, L.L.C. in the Detroit area under the unified Key Automotive Group brand.
"Key Safety Systems’ new identity and the relocation of our headquarters to a location where our top management can be more responsive to our customer’s needs, represent an important milestone in our continued progress toward developing a world class organization focused on serving the global automotive industry. Our team is very excited about our new direction and unanimously supports these changes that we believe symbolize our renewed commitment to take action and make positive changes. By providing measurable improvement in delivery, quality, technology and cost and exceeding customer expectations through innovation, responsiveness and commitment, we will achieve our corporate vision of having ’employees, customers and shareholders say we are a great management team’," said B. Edward Ewing, Chairman and CEO of Key Safety Systems and Key Plastics. Ewing further states, "We appreciate the support and positive feedback our customer base has provided and based on the increased frequency of new business awards we have experienced recently, we believe we are on the right track."
Key Safety Systems is among the automotive industry’s leaders in the design and production of airbags, seatbelts, steering wheels and fully integrated safety systems. Its products are used in more than 300 vehicle models produced by over 45 automobile manufacturers throughout North America, Europe and Asia. Key Safety Systems’ customers include General Motors, DaimlerChrysler, Ford, Fiat, Hyundai, PSA, Volkswagen and many others. Key Safety Systems’ global outreach consists of 32 manufacturing, technical and sales facilities located in 12 countries. The company has operations in seven states in the U.S.
Collectively, the Key Automotive Group companies, led by Mr. Ewing, have more than $1.7 billion in sales and 14,000 employees, with operations in 15 countries in North America, Europe and Asia and ten states in the U.S. The companies comprising the Key Automotive Group look for tier one and tier two businesses that have a leading market share in their products and services but less than optimal financial results. This provides a platform upon which the Carlyle Management Group may instill a sound financial base and implement principles of long-term oversight focusing on lowering costs, innovation, quality and production.
The Principals of CMG have extensive operations and investment experience in the automotive, aerospace, defense and heavy manufacturing industries. CMG is part of The Carlyle Group, one of the largest private equity firms in the world managing nearly $16 billion of capital.
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