Banbury-based Norbar Torque Tools Holdings Ltd (www.norbar.com), along with its wholly owned companies in India and Singapore, plus its US and Chinese joint ventures, has been acquired by New York Stock Exchange-listed Snap-on Incorporated for £55.9 million.

Norbar makes torque equipment for the manufacturing, oil and gas, transportation and aerospace industries. It has annual sales of around $41 million.

Established in 1943, the company has been owned and managed by descendants of the founder, William Brodey, with four third-generation family members currently running the business.

Managing director Neill Brodey said: “There has always been great mutual respect between Norbar and Snap-on, based on a shared ethos and a commitment to delivering the highest standards of technical products and services. These shared values make Snap-on a natural partner for Norbar.”

Wisconsin-based Snap-on is a maker of high-end tools and equipment, plus diagnostics, repair and information systems. It said in a statement: “The acquisition of Norbar complements and expands Snap-on’s existing torque offering to critical industries.”