TOKYO – Akebono Brake Industry Co., Ltd., has dissolved its research and development subsidiary in the United Kingdom, Akebono Advanced Engineering Ltd., according to a notice posted on its corporate Website.
The reason mentioned in the notice for the closing of the Godalming-based operation was a continuation of the company’s restructuring process as part of its turnaround plan outlined and agreed to by its creditors in September 2019.
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The dissolution will occur by July 2021. The company does not expect this process to have any significant impact on its “non-consolidated and consolidated financial statements.“
The entire notice can be viewed by clicking HERE.