Akebono Brake Realigns North American and European Businesses.Tokyo, Japan, Mar 13, 2007 - (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. announced decisions to approve the ITOCHU Group acquiring an interest 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, and the establishment of a European regional company. The ITOCHU Group is expected to acquire a stake in Akebono's North American regional company on March 31. Under the transaction, Akebono's North American regional company, 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. ), will purchase the ITOCHU Group's holding in Amak Brake L.L.C. At the same time, the ITOCHU Group will acquire a 20% stake in Akebono Corporation (North America). Following their agreement to form a strategic alliance in December 2006, both companies studied this capital arrangement. The new capital structure enables Akebono and ITOCHU to advance their cooperation in North America. Akebono and the ITOCHU Group will continue to study the possibilities of forming a joint venture to conduct aftermarket brake product sales in the North American market, and look at increasing distribution efficiencies in North America by utilizing ITOCHU Group's distribution network. The expected date of establishment for Akebono Brake Europe S.A., the new European regional company, is April 1. The company's office will be located in Belgium (on the outskirts of Brussels), in proximity to EU capital city functions, and also where the European headquarters of Japanese automotive manufacturers and parts suppliers are concentrated. Akebono Brake Europe S.A.'s location will enable Akebono to roll out its sales strategy while leveraging geographical advantages. In addition to headquarter head·quar·ter v. head·quar·tered, head·quar·ter·ing, head·quar·ters Usage Problem v.tr. To provide with headquarters: and sales functions, Akebono Brake Europe S.A. is expected to have market research and other functions. To increase efficiencies across the European business, Akebono Europe S.A.S. is scheduled to absorb Akebono Arras S Arras (äräs`), city (1990 pop. 42,715), capital of Pas-de-Calais dept., and historic capital of Artois, N France, on the canalized Scarpe River. .A.S., making Akebono Europe S.A.S. the surviving entity. 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 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 , 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 Source: Akebono Brake Industry Co., Ltd. Contact: Matthew Nicholson Corporate Communications Office Akebono Brake Industry Co., Ltd. Tel: +81-3-3668-5183 E-mail: matthew-nicholson@akebono-brake.co.jp Copyright [c] 2007 JCN Newswire. All rights reserved. A division of Japan Corporate News Network K.K. |
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