Akebono Brake to Cut 3,000 Jobs Worldwide

Economy

Tokyo, July 24 (Jiji Press)--Struggling Japanese auto parts maker Akebono Brake Industry Co. <7238> plans to cut about 3,000 jobs worldwide, or 30 pct of its total workforce, according to informed sources.

The company plans to close or sell six plants at home and abroad, the sources said.

The current management team led by Chairman and President Hisataka Nobumoto is likely to resign.

By taking the radical structural reform measures, Akebono Brake will accelerate its business reconstruction efforts.

It aims to formalize the measures after getting creditors' approval at meetings in August and September.

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Jiji Press