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.
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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