Wrexham-based KG Coatings, which works with companies in the aerospace, automotive and defence industries, has been bought for £2.3 million by SPS Technologies, which is the UK subsidiary of Oregon-based Precision Castparts Corporation.

Founded in 1994, KG provides a coating service applying aluminium and polymer coatings. It is said to have one competitor in the UK and one in Germany.

Around 30 parties were interested in buying the company through business sales brokerage KBS Corporate, and five offers were received.

SPS Technologies, which has its UK headquarters in Leicester, designs and manufactures high-performance and high-strength fasteners.

It was founded more than 100 years ago.