TMD Friction Group SA has been acquired by Tokyo-based Nisshinbo Holdings Inc.
Leverkusen, Germany—TMD Friction Group SA, a German manufacturer of friction materials for automotive and industrial applications, has been acquired by Tokyo-based Nisshinbo Holdings Inc. (NISH), a Japanese firm with consolidated Q3 2011 sales of CAN$4.37 billion (325.5 billion Yen) which owns companies serving auto manufacturing, mechatronics, textiles, chemicals and electronics.
TMD’s focus has been on China, Brazil and the independent aftermarket and has been on an aquisition spree of its own for the past several years, TMD reported 2010 sales of $885.5 million (EUR637 million) with EBITDA up 160% to $98.7 million (EUR71 million).
NISH is an established global player in the brake business, operating globally under the Nisshinbo Brake Inc. (NISB) brand, with overseas subsidiaries and manufacturing facilities in Japan, South Korea, the U.S., China, Thailand and India.
The acquisition will create one of the world’s largest automotive brake friction manufacturers with combined revenues of over $1.39 billion (EUR1.0 billion) and more than 6,000 employees.
NISH says it will continue to operate TMD as an independent, wholly-owned subsidiary led by current CEO Derek Whitworth and his management team. Koji Nishihara, President of NISB and a NISH board member, will join the Board of TMD and a joint global management team will also be established with members from NISB and TMD.