Step 1: Identify Takata Corporation.
Takata Corporation was a Japanese automotive parts company best known for manufacturing safety components like seatbelts and airbags.
Step 2: Reason for being in the news.
The company was involved in a massive global scandal concerning defective airbags. These airbags, supplied to several major car manufacturers (Honda, Toyota, BMW, Ford, etc.), were found to rupture and explode with excessive force, leading to deaths and injuries.
Step 3: Global impact.
- It became one of the largest automotive recalls in history (tens of millions of cars recalled worldwide).
- The issue eventually forced Takata into bankruptcy in 2017 due to liabilities and settlements.
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\boxed{\text{Takata Corporation was in the news due to defective airbag recalls.}}
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