TOKYO -- Akebono Brake Industry is on track for a net loss of roughly 10 billion yen ($91.1 million) covering the fiscal year ending in March, plunging into the red for the first time in three years due to impairment losses at its troubled U.S. business.
The Toyota Motor-affiliated brake maker previously projected a 2 billion yen profit for the year. But shrinking earnings overseas pushed it to book impairments totaling 15 billion yen, not just in the U.S. but in Slovakia and Thailand as well. The company plans to offset some of the blow by raising about 4 billion yen through share sales.
