How Quest Worldwide helped to transform performance and culture
As one of the world’s leading manufacturers of brake friction materials in the OE market, TMD Friction supplies the automotive industry with brake pads and friction materials and also operates in the global aftermarket with brands such as Textar, Pagid, Mintex and Cobreq. Headquartered in Germany, TMD has manufacturing facilities in Europe, USA, Brazil, Mexico, China, Japan and Malaysia and employs 4,400 people worldwide. By 2006 TMD was a private equity buy-out gone wrong. Heading towards bankruptcy through an unsustainable debt burden, TMD was a “distressed company with a distressed management” as one observer saw it. This case study explores how a new CEO and a dynamic change programme has transformed performance and culture.