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5th
March 2008 - ADVICS
Acquires the Stocks of Sumiden Brake S & E
ADVICS Co., Ltd. (hereinafter, referred to as ADVICS)
has agreed with Sumitomo Electric Industries, Ltd. (hereinafter referred
to as SEI) to acquire 80% of the stocks of Sumiden Brake S & E Inc.
(hereinafter, referred to as S & E), which is a subsidiary of SEI, on
April 1, 2008.Reason for acquisition of
the stocks
In recent years, the sophistication of automobile
functions has been rapidly progressing and aftermarket parts are
required to have high performance and reliability. In addition, it is
predicted that cost competition will intensify increasingly. Under such
circumstances, ADVICS has decided to acquire 80% of stocks of S & E,
which are now held by SEI Group, by aiming to expand its sales by
promoting the efficiency via the consolidation of marketing functions
and by expanding various products. Through the acquisition of the stocks
of S & E, ADVICS will further strengthen aftermarket products as well as
OE products for vehicle manufacturers, with which ADVICS prides itself
on its world-class technical development ability, and continuously
develop as a comprehensive brake supplier that provides security and
safety to customers all over the world.
Source: ADVICS Press Release
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