TOKYO -- Japanese auto parts maker Akebono Brake Industry Co. said on Wednesday U.S. auto parts supplier Delphi Corp. had sold its 5.9 percent stake in Akebono as part of its restructuring.
Financially troubled Delphi, spun off from General Motors in 1999, sold all 5.5 million of its Akebono shares, the Japanese company said.
Business daily Nihon Keizai Shimbun said the U.S. company had sold the stake for an estimated 3.7 billion yen ($33 million).
"The share sale will not alter our business relationship. We'll continue to supply auto parts to Delphi," a spokesman for Akebono Brake said.
Akebono bought back 3.5 million of the shares while its top shareholder Toyota Motor Corp. bought the other 2 million, raising Toyota's stake in the company to 15.9 percent from 14.4 percent, he said.
Akebono plans to make Ambrake Corp., a brake materials joint venture between Delphi and Akebono based in Kentucky, a wholly owned subsidiary following the share sale, he said.