Thursday, September 11, 2008

Trust (Greddy) Declares Bankruptcy


This is shocking news not just to me, but to car enthusiasts all over the world i believe, as Trust/Greedy is (or should i say was) one of the world's largest performance parts companies. Who would image that giants like them could fall...sad.....more details below.

Japan’s largest credit research company Teikoku Databank announced that automotive parts manufacturer Trust filed for bankruptcy on September 10th, 2008. Trust also known abroad as Greddy is reported to be approx US$60M in debt.

In February 2008, Trust reported declined annual sales of US$53M. Loan payments totallying US$43M became a burden and was forced to file bankruptcy to the Tokyo District Court.Trust was founded in 1976 and employs 190 workers producing exhausts, springs, turbo chargers and car electronics. A US subsidiary, Greddy Performance Products was founded in 1994 to expand overseas sales. In 1998 Trust reported annual sales of US$80M but since then sales had been declining.

[Source: GTChannel, Autoblog]