Friday, November 27

Akebono to Dissolve U.K. R&D Subsidiary

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.

Related post:
Akebono Gets Infusion From Private Equity For Turnaround

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.

About Author

The Brake Report

The BRAKE Report is an online media platform dedicated to the automotive and commercial vehicle brake segments. Our mission is to provide the global brake community with the latest news & headlines from around the industry.