Akebono Brake Industry has approved the Itochu Group’s acquisition of an interest in Akebono’s North American regional company, and the establishment of a European regional company.
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The Itochu Group is expected to acquire a stake in Akebono’s North American regional company on 31 March.
Under the transaction, Akebono Corporation (North America) will purchase the group’s holding in Amak Brake and Itochu will acquire a 20% stake in Akebono Corporation (North America). Following their agreement to form a strategic alliance in December 2006, both companies considered this capital arrangement.
The new capital structure enables Akebono and Itochu to advance their cooperation in North America. They will continue to study the possibilities of forming a joint venture for aftermarket brake product sales and look at increasing distribution efficiencies by utilising Itochu’s network.
The expected date of establishment for Akebono Brake Europe, the new regional company, is 1 April.
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By GlobalDataIt will be located in Belgium (on the outskirts of Brussels), close to EU capital city functions, and also the European headquarters of Japanese automotive manufacturers and parts suppliers.
In addition to headquarter and sales functions, Akebono Brake Europe is expected to conduct market research and other functions. To increase efficiencies across the European business, Akebono Europe is scheduled to absorb Akebono Arras, making the former the surviving entity.
