A JAPANESE firm's buyout of a company employing more than 350 North-East workers was completed today.

It emerged in September that TMD Friction, which has its UK manufacturing plant in Hartlepool, was to be bought by Tokyo-based Nisshinbo Holdings Inc.

TMD, which is among the world's leading manufacturers of brake friction materials for car, train and industrial use, will continue to operate independently as a subsidiary of its new parent company and continue to be led by chief executive Derek Whitworth, with his management team.

There is not expected to be any negative impact on jobs in Hartlepool, which employs 270 permanent staff and an additional 90 contract workers.