China's TMT to buy ZF's rubber & plastics business unit

Published: December 12, 2013 3:43 pm ET
Updated: December 12, 2013 3:46 pm ET

Related to this story

Topics Automotive, Mergers & Acquisitions, Injection Molding

SHANGHAI — Zhuzhou Times New Material Technology Co. Ltd. signed an agreement with ZF Friedrichshafen AG to acquire its Rubber & Plastics business unit. The transaction is expected to close in the first half of 2014 and is subject to regulatory approvals in China, Europe and TMT's shareholders.

Financial terms of the deal were not disclosed. TMT said the business unit’s operational headquarters will remain in Damme, Germany, and all of its employees will be retained.

“TMT’s future strong investment support for our Rubber & Plastics activities certainly provides us with enhanced opportunities for global business development,” said Torsten Bremer, head of the ZF’s R&P business unit.

ZF’s Rubber & Plastics business unit generated approximately $962.7 million in sales with about 3,300 employees in nine locations in Europe, North and South America, Asia and Australia.

ZF CEO Stefan Sommer said that TMT offers opportunities to the business unit his company could not have provided. The company is “delighted that we have found a strategic partner that follows a long-term strategy, is willing to invest in the business and provides the best solution possible for our employees and customers,” the executive said.

TMT is a leading provider of noise, vibration and harshness components and polymer composite materials for the railway, automotive, construction and wind power industry. TMT said it aims to expand into the global automotive noise, vibration and harshness market by making ZF’s Rubber & Plastics business unit one of its core business units and its primary automotive platform globally.

“The management team and employees of the Rubber & Plastics business unit have done an outstanding job in the past and we are very much looking forward to further developing the Rubber & Plastics business together with them,” said TMT CEO Jun Yang.


Comments

China's TMT to buy ZF's rubber & plastics business unit

Published: December 12, 2013 3:43 pm ET
Updated: December 12, 2013 3:46 pm ET

Post Your Comments


Back to story


More stories

Image

Large part molder EnviroTech in 'growth mode,' adds space, equipment

November 26, 2014 9:54 am ET

Salt Lake City-based EnviroTech Molded Products Inc. is adding new equipment and expanding its factory as it gains business in some of its...    More

Image

Huhtamäki selling film division

November 26, 2014 2:10 pm ET

Private equity firm Deutsche Beteiligungs AG (DBAG) will acquire the film business of Finland-based plastics packaging group Huhtamäki Oyj for 141...    More

Image

Visteon in talks to sell its stake in Halla Visteon Climate Control JV

November 26, 2014 9:07 am ET

Visteon Corp. confirmed this morning that it is in discussions with a private equity firm to sell its stake in South Korean joint venture Halla...    More

Image

Globalization brings sizable growth, primarily in Asia

November 25, 2014 1:40 pm ET

In 1990, the year after Plastics News published our first issue, there were 33,000 injection molding machines sold worldwide. Fast forward to 2013,...    More

Image

Uni Cap to build cap molding plant in Jordan

November 25, 2014 12:57 pm ET

The Persian Gulf's largest molder of caps and closures is investing $10 million in a new factory near Amman, Jordan, as part of an effort to boost its...    More

Market Reports

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 billion plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

October 27, 2015 - October 29, 2015Plastics Financial Summit - New York - 2015

More Events