TMD Attracts the Interest of Possible Buyers

German brake pads maker TMD Friction, which has filed for insolvency for four German plants, has attracted the interest of possible buyers, a spokesman for the company's insolvency administrator said. Among the possible buyers are both industry-related companies and financial investors, Reuters reported. A spokesman said the company aims to keep the group intact in a possible sale. The Leverkusen-based group employs around 4,500 staff in 11 countries and generated 2007 sales of 690 million euros ($892.4 million). It has 2,000 staff in Germany alone. British private equity group Montagu bought TMD in 2001 for 776 million euros and put debt for the takeover on TMD's balance sheet. Montagu handed control over to a group of hedge funds in 2006. Read more.