Yongtai Group — the owner of Coventry-based Covpress — has acquired UYT in a deal worth nearly £30 million. Based in nearby Canley and employing around 400 people, UYT supplies parts to Honda.

Kit Halliday, joint Covpress European CEO, said: “This is tremendous news for everyone — Yongtai Group, UYT and all the people who work here. It means that UYT’s facility will continue to support the Honda UK manufacturing operation. UYT is almost exclusively Honda, but this expansion in Canley will enable us to continue to meet other car manufacturers’ increasing demands.”

Xiaoming You, president of the Yongtai Group, said: “In less than two years of Chinese ownership, our business here will have expanded from 430 jobs to over 1,000 — and our success story will continue to increase the order books.”

Transcend Corporate was one of two firms that advised Yongtai Group on the deal. Ian Curtis, leader of its Industrial Products team, said: “The UYT assembly facility is a significant addition to the Yongtai presswork and assembly capabilities in Coventry, as well as a fine complement to the Covpress facility — acquired in 2013.”

UYT was established in 1996 as a result of a joint venture between Japanese and British manufacturers. It supplies body-in-white components and sun-roof assemblies.