The TMD Friction Group SA has signed an agreement to sell their 100% ownership to Tokyo based Nisshinbo Holdings Inc.

Nisshinbo is a listed company on the Tokyo stock exchange with a €3 billion turnover specialising in Automotive Braking, Textiles, Paper Products, Chemicals etc. Completion of the sale is subject to the customary regulatory approvals.

The combination of these two companies will result in creating the worlds largest brake friction manufacturer, with total automotive brake and friction sales in excess of €1 billion with over 6,000 employees dedicated to production of quality braking products. Today the group operates out of 24 plants covering South America, Western and East Europe, India, China, Japan, Korea, Thailand and South Africa.

Following completion, Nisshinbo will operate TMD as an independent wholly owned subsidiary. On the operational side and day-to-day business, no short-term changes are anticipated. There will be no change to the TMD identity or its established brand names – Textar, Mintex, Don and Pagid.