Struggling Akebono Brake to Close 6 Plants
Tokyo, Sept. 18 (Jiji Press)--Embattled Japanese auto parts maker Akebono Brake Industry Co. <7238> said Wednesday that it will close six plants at home and abroad to rebuild its business.
The plant closures are part of the company's turnaround program that was accepted at a meeting of its creditors the same day. They also approved the firm's request for 56-billion-yen debt forgiveness to reduce its interest-bearing liabilities.
Akebono Brake will shutter its plant in Soja, Okayama Prefecture in western Japan, three plants in the United States, and one each in France and Slovakia by the end of June 2024, when the restructuring plan is slated to conclude.
Production at its plant in Kori in the northeastern Japan prefecture of Fukushima will be scaled back.
The some 500 workers at the Okayama plant and part of the some 300 personnel at the Fukushima factory will be relocated to other bases of the company.
[Copyright The Jiji Press, Ltd.]