Peter W. Schmitz named chief operating officer of Akebono Europe S.A.

Tokyo, March 17 -- Akebono Brake Industry Co., Ltd., the world's leading supplier of advanced automotive friction materials and components, today announced the appointment of Peter W. Schmitz as chief operating officer, Akebono Europe S.A., effective immediately.

In this position, Schmitz will be responsible for implementing Akebono's business strategy for Europe and supporting a number of key customers in the market, including Opel, Audi, Volkswagen, Continental Teves, Bosch, TRW, Delphi and Brembo. He also is in charge of developing and maintaining business relationships with other important customers in the region.

A 26-year veteran of the automotive brake industry, Schmitz was most recently president of ITT Galfer in Auburn Hills, Mich. As president, he championed Galfer's successful entry into the United States and other key markets, leading the development of a number of brake pad friction formulations for customers. Earlier in his career, Schmitz was president and chief executive officer of BBA Friction, Inc. in Dublin, Va., where he successfully managed the company's entry into the U.S. market. Prior to this, he held a number of sales management and senior engineering positions at other automotive brake suppliers in the United States and Europe.

"Peter's appointment to this key position further illustrates Akebono's ongoing commitment to the European market," said Tsuyoshi "Go" Kashiwagi, chairman and chief executive officer in charge of Akebono's European operations. "His strong leadership and significant experience at introducing innovative friction materials into new markets will be critical to Akebono achieving long-term success in the region."

Akebono Europe S.A. was established in 1985. The company operates a research and development technical center for the European region in Gonesse, France, employing 45 people. Akebono also has a customer liaison office in Bad Nauheim, Germany and a disc pad manufacturing facility located in Arras, France, employing approximately 140 people. In 2002, Akebono produced five million pads at the Arras facility.

Akebono Brake Industry Co., Ltd., founded in 1929 and headquartered in Tokyo, is a world leader in advanced brake and friction material development and production, with a focus on noise, vibration and harshness (NVH) analysis and control. Akebono's products are consistently found on the majority of top-rated vehicles in J.D. Power's annual brake and handling quality report.

The company operates technical/R&D centers in Japan, the United States and France, with 30 wholly owned or affiliated manufacturing facilities worldwide. Akebono launched U.S. brake sales and production operations in 1980. Worldwide, Akebono employs a total of 6,800 people; 1,900 in North America. In 2002, Akebono's worldwide sales totaled US$1.34 billion. Sales in Japan totaled US$750 million; North American sales totaled US$586 million, including US$314 million through unconsolidated joint ventures; and European sales totaled US$16 million.

Alan Swiech of Akebono Corporation, +1-248-489-7406, aswiech@akebono-usa.com ; or Joe St. Henry of Quell Communications Group, +1-248-649-8900, joe@quell.com , for Akebono Brake Industry Co., Ltd.