Akebono said the investment will enhance “resources” and increase Akebono’s distribution. The deal was consummated on Mar. 31.
Under the transaction, the Itochu Group redeemed its 40% interest in Amak Brake LLC, one of Akebono’s North American subsidiaries, and at the same time, purchased a 20% stake in Akebono Brake Corp.
The transaction followed Itochu’s investment in Akebono Brake Industry Co., a publicly traded company listed on the Tokyo Stock Exchange.