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.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here