NEW YORK -- Japanese auto parts maker Tokai Rika Co. Ltd. on Sunday said it bought from TRW Canada Ltd. the 60 percent of a private seatbelt manufacturer it doesn't already own to help it increase its share of the global seatbelt business.
The companies did not disclose the financial terms of the deal and a spokesman for the company, Quality Safety Systems, could not immediately be reached for comment.
Auto parts companies have been a hot sector for acquisitions as buyout shops try to consolidate the fragmented industry. In the last year Blackstone bought TRW Inc.'s auto parts business for $4.7 billion, including debt, and Carlyle Group agreed to buy airbag and seatbelt maker UIS Inc. for about $800 million.
Quality Safety Systems, which has two plants in Ontario, Canada, said it has annual sales in excess of $100 million. Tokai Rika bought Quality Safety through its Canadian subsidiary.
Tokai Rika said the deal would give it a "more direct role" in supporting customers and enable it to compete for orders from General Motors, Ford Motor Co., DaimlerChrysler AG and European car makers.
Tokai Rika, based in Aichi, Japan, said it aims to increase its share of the global seatbelt business to 20 percent.