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27th
April 2009 - TMD
Friction Announces Completion of Acquisition by Senior Management and
Pamplona
TMD Friction, the world's
leading manufacturer of brake friction materials for automotive and
commercial vehicle applications, has today announced the completion of
the all equity acquisition of the business by its senior management team
and Pamplona Capital Management, a London-based investment fund. TMD
Friction will now benefit from the long-term support of Pamplona and a
strong and debt-free balance sheet. This transaction has safe-guarded
approximately 3,800 jobs worldwide.
Derek Whitworth, CEO, commented as follows: “We’re very
pleased to have found in Pamplona a committed, long-term partner for the
Group. On behalf of the Company’s management team, I would like to thank
all our employees and business partners for their support, particularly
during the uncertainty of the past months. We can now once again
concentrate fully on our day-to-day business and strengthen our position
as the brake friction material market leader today and in the future.”
About TMD Friction
TMD Friction Group is the world's leading manufacturer
of brake friction materials in the original equipment market for
passenger cars as well as commercial vehicles. Its product portfolio
comprises disc brake pads and drum brake linings for passenger cars and
commercial vehicles together with brake pads for racing cars and
friction materials for rail and industrial applications. TMD Friction is
one of the largest suppliers to the global replacement parts aftermarket
with its Textar, Pagid, Mintex, Don, Cobreq, and Cosid brands. With
locations in Germany and five other European countries, as well as the
US, Brazil, Mexico, China and Japan, TMD Friction generated a turnover
of €639 million in 2008. TMD Friction Group employs approximately 3,800
people worldwide.
About Pamplona
Pamplona Capital Management is a London-based equity
investor that provides a longterm private equity investment platform to
its clients. Pamplona is currently investing out of its second private
equity fund, which has total commitments of €1.3 billion. Pamplona made
six investments out of its first fund, across a range of sectors,
including an investment in 2005 in SAF-HOLLAND, the Germany-based
manufacturer of components and systems for heavy goods vehicles, a
company in which Pamplona remains the largest shareholder.
Source:
TMD Friction Press Release |
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