Trust/Greddy goes bust
According to Japan’s largest credit research company Teikoku Databank, one of the world’s largest automotive aftermarket component manufacturer, Trust, also known for their GReddy brand filed for bankruptcy on September 10th, 2008.
They were USD60 million in debt and facing persistent decline in sales. they reported annual sales of $53 million but that had to be offset against loan repayments of $43 million.
Obviously they could not survive on $10 million a year so the company filed for bankruptcy at the Tokyo District Court.
Founded in 1976, the company has 190 staff and is world famous for their
exhaust,
suspension bits,
turbochargers and car electronics.
Their best year was in 1998 when sales peaked at $80 million but competition has seen that declining since. The availability of cheap options from China really hurt them.
If you have GReddy parts, keep them, its collectors item now. Unless of course an investor comes to rescue the company.
I think they can be revived, just look at the number of high end tuning houses that have sprung up. There is definitely a market for quality kit but maybe they cannot be as big as before, unless they tie up with a manufacturer.
We have confirmed here in Japan that Trust has filed for bankruptcy. However, we have also had reassurances that it will be “business as usual” for the time being, much like was the case with Apexera/Apexi. We will provide updates on our website regarding parts availability and any other details that come to light.
http://www.nengun.com