Akebono Brake Forms Strategic Alliance with ITOCHU.Tokyo, Japan, Dec 19, 2006 - (JCN JCN Japan Corporate News JCN Journal of Cognitive Neuroscience JCN Journal of Cardiovascular Nursing JCN Journal of Christian Nursing JCN Job Control Number JCN Journal of Child Neurology JCN joint communications network (US DoD) Newswire) - Akebono Brake Industry Co., Ltd. (Akebono) announced a decision to form a strategic alliance with ITOCHU Corporation (ITOCHU) in the areas of global business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets and sales of non-automotive products, in line with its Global 30 mid-term management plan for expansion and growth. In the near-term, both companies will study sales expansion of industrial machinery and rolling stock rolling stock Any of various readily movable transportation equipment such as automobiles, locomotives, railroad cars, and trucks. Rolling stock generally makes good collateral for loans because the equipment is standardized and easily transportable among brake products, and an ITOCHU investment in Akebono's North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. regional company. In the mid- to long-term, both companies will look at forming alliances for global sales, starting with a tie up in the North American aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. , and increasing distribution efficiencies. The strategic alliance is significant, as ITOCHU's know-how will enable Akebono to win new business in industrial machinery, rolling stock and other segments in Japanese and global markets, and allow Akebono to utilize its managerial resources with increased efficiency. ITOCHU has a long history as a shareholder and partner of Akebono, and owns stakes in Amak Brake L.L.C., one of Akebono's North American subsidiaries, and Akebono's two operations in China. An increase in ITOCHU's stake in Akebono with this strategic alliance is an extension of long-term cooperation between the two companies, and both will pursue further growth. Details of the strategic alliance are as follows. 1. Cooperation in industrial machinery and rolling stock segments A joint venture between the ITOCHU Group and Akebono will be considered to conduct sales activities for Akebono's industrial machinery and rolling stock brake products, with a view to expanding sales of these products in Japanese and global markets. 2. Realignment re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. of the North American business ITOCHU Group will consider acquiring a stake in Akebono Corporation (North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. ), Akebono's North American regional company. Akebono and the ITOCHU Group will study the possibility of forming a joint venture to conduct aftermarket brake product sales in the North American market. Both companies will study ways to increase distribution efficiencies for Akebono Group companies in North America by utilizing ITOCHU's distribution network. 3. Global export sales Both companies will study new business opportunities for exports of Akebono products by utilizing the ITOCHU Group's network. 4. Cooperation in global markets Both companies will consider ways of cooperating in Akebono's global operations Global Operations is a first-person shooter computer game developed by Barking Dog Studios and published by both Crave Entertainment and Electronic Arts. It was released in March of 2002, following its public multiplayer beta version which contained only the Quebec map. . 5. ITOCHU stake increase in Akebono ITOCHU will raise its current holding of approximately 0.8% (as of the end of September 2006) in Akebono Brake Industry Co., Ltd. shares to approximately 9.5% by the end of December 2006. About Akebono Brake Industry Co., Ltd. Akebono Brake Industry, Co., Ltd. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : 7238), established in 1929, is a world leader in advanced brake and friction material development and production. Akebono's portfolio includes brake products for automobiles, motorbikes, rolling stock, and industrial machinery, and sensor products for automobiles. The Akebono Group operates R&D centers in Japan, the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and France, and has wholly owned or affiliated manufacturing facilities in Japan, the United States, France, China and Indonesia. Akebono recorded net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of 142.3 billion yen in the fiscal year ended March 31, 2006, and employs over 6,000 people worldwide on a consolidated basis. For more information, please visit www.akebono-brake.co.jp About Itochu Corporation Itochu Corporation is one of Japan's leading trading companies and is engaged in a wide variety of businesses, including textiles, machinery, aerospace, information technology, multimedia, metals, energy, chemicals, forest products, food, retail, financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and so forth. Itochu maintains over 130 offices around the world and owns over 640 subsidiaries and affiliates. Itochu's sales last year reached 9.5 trillion yen (US$90 billion). Itochu aims to build new profit-making strategies and adding new functions in order to become more global, and to foster businesses in new fields. Source: Akebono Brake Industry Co., Ltd. Contact: Akebono Brake Industry Co., Ltd. Corporate Communications Office Matthew Nicholson TEL: 03-3668-5183 FAX: 03-5695-7391 E-mail: matthew-nicholson@akebono-brake.co.jp Copyright [c] 2006 JCN Newswire. All rights reserved. A division of Japan Corporate News Network K.K. |
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