TMT China buy ZF's Rubber & Plastics Unit
SHANGHAI - Zhuzhou Times New Material Technology Co. Ltd. signed an agreement with ZF Friedrichshafen AG to acquire its business unit Rubber and Plastics . Transaction is expected to close in the first half of 2014 and is subject to regulatory approvals in China , Europe and the shareholders of TMT .
Financial terms of the deal were not disclosed. TMT said operational headquarters of the business unit will remain in Damme , Germany, and all employees will be retained .
"Solid Future investment support for our activities TMT Rubber & Plastics certainly gives us greater opportunities for global business development ," said Torsten Bremer , head of R & P business unit of ZF .
Rubber & Plastics business unit of ZF generated approximately $ 962.7 million in sales with about 3,300 employees in nine locations in Europe , North America, South America, Asia and Australia .
ZF CEO Stefan Sommer said TMT offers opportunities to drive business your company could not have provided . The company is " delighted that we have found a strategic partner following a long-term strategy , it is willing to invest in the business and provides the best possible solution for our employees and customers," said the executive.
TMT is a leading component of noise , vibration and harshness and polymer composites for railway, wind power industry and the automotive supplier. TMT said it aims to expand in the global automotive market noise , vibration and harshness to make Rubber & Plastics business unit of ZF one of its main business units and their primary automotive platform globally.
" The management team and employees of the business unit , rubber and plastics have done an outstanding job in the past and are looking forward to further developing the business Rubber & Plastics, along with them, " said the CEO of TMT Jun Yang .