Coventry-based Norman Hay plc (www.normanhay.com) — a chemicals and engineering group with its headquarters at Lyons Park, employing 400 people at sites in Europe and the USA — has been acquired by US-based Quaker Houghton for £80 million.

Norman Hay was established in 1946 as a decorative electroplating business and has since evolved into a global leader in specialist chemicals, sealants and surface coatings.

It has four divisions and works in a range of industries, including aerospace, automotive, oil and gas and power generation.

Quaker Houghton was formed earlier this year through the $1.4 billion acquisition of Houghton International by Quaker Chemical.

It lays claim to being the global leader in industrial process fluids and employs 4,000 people in 25 countries.

Quaker Houghton chairman Michael Barry said: “This acquisition represents an opportunity to add new technologies with good growth characteristics in attractive core market segments with high barriers to entry — such as die casting, automotive OEM and aerospace.

"We also believe it provides a strategic opportunity to take advantage of external market trends such as the lightweighting of vehicles and 3-D printing, where we have the opportunity to leverage our global footprint and complementary geographic strengths.”