Akebono Brake Industry : Announcement of Joint Venture Agreement with New Joint Venture Partner regarding Consolidated Group Subsidiaries in China Taking Effect
November 31, 2022
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(NOTE) This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the Japanese original shall prevail.
Date: November 1, 2022
Company Name: Akebono Brake Industry Co., Ltd.
Representative: Yasuhiro Miyaji, President & CEO
(Securities Code: 7238 TSE Prime Market)
Announcement of Joint Venture Agreement with New Joint Venture Partner
regarding Consolidated Group Subsidiaries in China Taking Effect
On June 16, 2022, Akebono Brake Industry Co., Ltd. (hereby "the Company") published the Announcement Regarding Change in Joint Venture Partner of Consolidated Subsidiary in China, announcing that the joint venture agreements of Akebono Corporation (Guangzhou) and Akebono Corporation (Suzhou), which are the Company's consolidated subsidiaries in China, with ITOCHU Corporation as well as ITOCHU HONG KONG LTD. would be dissolved, and a new joint venture agreement would be signed with Fujiwa Machinery Industry (Kunshan) Co., Ltd. (hereinafter referred to as "Fujiwa Machinery"). The Company hereby announces that after having received approval for the Joint Venture Agreement examination under the China Antimonopoly Law, the agreement has come into effect, and by resolution of the General Meeting of Shareholders of Akebono Corporation (Guangzhou) and Akebono Corporation (Suzhou), held on November 1, 2022, a transfer of shares has been carried out, and the joint venture partner has changed as described below.
1. Outline of of the Company's consolidated subsidiaries
(1)
Company Name
Akebono Corporation (Guangzhou)
Location
No. 8 Hefeng 1st Street, Yonghe Economic Zone og Guangzhou Development District
Guangzhou
Representative
Masaaki Ando, Chairman of the Board
Business Contents
Manufacture and sales of disc brakes and drum brakes
Capital
62 million yuan
Established
October 13, 2004
Shareholding Ratio
Akebono Brake Industry Co., Ltd.
70%
Fujiwa Machinery Industry (Kunshan) Co., Ltd. 30%
(2)
Company Name
Akebono Corporation (Suzhou)
Location
TingLan Road No. 168 ChangYang Street, Industrial Park, Suzhou
Representative
Masaaki Ando, Chairman of the Board
Business Contents
Manufacture and sales of disc brake pads
Capital
74 million yuan
Established
October 13, 2004
Shareholding Ratio
Akebono Brake Industry Co., Ltd.
70%
Fujiwa Machinery Industry (Kunshan) Co., Ltd. 30%
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2. Outline of the new joint venture partner
Company Name
Fujiwa Machinery Industry (Kunshan) Co., Ltd.
Location
No.988 Nanhe Road, Kunshan Economic & Technology Development Zone, Jiangsu
Representative
TSUNG HSU-SHUN, Chairman of the Board
Business Contents
Casting, machining, and assembly of automotive brake parts, drive parts and engine
parts
Capital
36.7 million U.S. dollars
Established
December 22, 1995
Shareholding Ratio
LIOHO INVESTMENT LTD
55% (100% subsidiary of LIOHO MACHINE
WORKS, LTD.)
SUMITOMO CORPORATION
45%
3. Impacts on business performance
This change in the joint venture partner has no significant impact on the consolidated financial results for the fiscal year ending March 31, 2023
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Akebono Brake Industry Co. Ltd. published this content on 01 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 November 2022 05:25:01 UTC.
AKEBONO BRAKE INDUSTRY CO.,LTD. is a Japan-based company mainly engaged in the manufacture and sale of brakes for automotive, industrial equipment and railway vehicles, as well as the research and development business and the logistics services business. The Company operates through six regional segments. The Company is engaged in the production of disc brakes, disc pads, drum brakes, shoe assemblies, brake linings, industrial equipment brakes, railway vehicles brakes, corner modules, rotors, master cylinders and other products. The Company operates in Japan, North America, Europe, China, Thailand and Indonesia.
Akebono Brake Industry : Announcement of Joint Venture Agreement with New Joint Venture Partner regarding Consolidated Group Subsidiaries in China Taking Effect