TMD Friction and Hella have announced their intentions to combine and establish a new joint venture.
The new business, in which each partner will have a 50 percent stake, will be named Hella Pagid and will become a global aftermarket brand.
Headquartered in Germany the brand will enter into business on 1st January 2013, subject to approval from the competition authorities.
[caption id="attachment_8877" align="alignright" width="150" caption="The new brand will be known as Hella Pagid"]
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Both companies say the goal of the new venture is to build up a leading position in the supply of brake components for all on road vehicles.
Co-operation between the two companies is not a new idea, Hella and TMD have been working together in the Chinese aftermarket since 2010.
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