Greeting from President
We in the Akebono Brake Group have been working to create a business turnaround plan in accordance with the specified certified dispute resolution proceedings under the Act on Strengthening Industrial Competitiveness (the “Business Turnaround ADR Proceedings”). Through obtaining the consent of the financial institutions, a revitalization plan has been established, and together with a new management structure, we face a new start aiming to achieve a business turnaround.
The main measures within the business turnaround plan for rebuilding a solid financial foundation are the following:
(i) Strengthen Management Structures
(ii) Reform Business Structure
(iii) Restore Financial Soundness
Our new start shall be guided by funding received in the form of a third-party allotment, and with the financial support of all related financial institutions, including debt relief. Although the business environment and financial position of the Group remain severe, under the new management structure we shall strive with utmost sincerity to achieve the business turnaround.
Since the company’s founding in 1929, Akebono has continued to refine its technology designed for stopping things in motion.
Friction is the foundation of braking. It’s a force that stops movement by transforming kinetic energy into heat. And even if the various mechanisms to achieve this might change, the technology for stopping will never disappear.
The automotive industry is currently said to be undergoing a once-in-a-century transformation. However, even in the face of such major technological innovation, the function for stopping cars shall remain. It’s a form of technology that shall always be needed.
Throughout its history spanning over 90 years, Akebono has continued to pursue Monozukuri value-added production, and at the same time steadily cultivated and accumulated its technological expertise. We shall continue to apply existing technology while adopting new ones for further future development.
We thank you for your encouragement so far, and look forward to your continued understanding and support.
