German auto parts maker no longer the second-largest shareholder
TOKYO — Germany’s Bosch has sold its entire 12.13% stake in Japan’s Akebono Brake Industry, according to documents submitted to the Kanto Local Finance Bureau.
Bosch has been unloading stocks that do not fit with its long-term strategy, the auto parts manufacturer’s Japanese unit said. Bosch first acquired Akebono Brake shares in 1988 and was the second-largest shareholder as of the end of September.
Akebono Brake acquired Bosch’s North American brake operations in 2009. The companies also supply autoparts each other and cooperate in other areas.
Although Akebono Brake expects 250.6 billion yen ($2.21 billion) in group sales for the year ending March, only around 1 billion yen of that is likely to come from Bosch.
Akebono Brake says the sale “will have no impact on operations.”