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.”