Nisshinbo Holdings Inc of Japan has announced its intention to purchase the German brake producer TMD Friction Group from the private equity company Pamplona Capital Management.
The purchase is scheduled to take place by the end of November 2011 pending competition authority approval. TMD employs 4,500 people in 13 production and R&D centres in 8 countries, and had sales of €637 million in 2010.
Nisshinbo, a textile producer which has diversified into automotive braking systems with its Nisshinbo Brake Inc. (NISB) subsidiary, has production bases in Japan, USA, China and India. Both companies include sintered friction materials for applications in heavy duty disc brakes and linings.
The combined companies will have estimated sales of over €1 billion.