Foundry Daily News


A Coventry-headquartered global speciality chemicals provider has sold its operating divisions to a NYSE-listed giant for £80m.

Norman Hay has agreed the deal with Quaker Houghton Chemical Corporation. Its businesses include Ultraseal, SIFCO ASC, Surface Technology and Norman Hay Engineering.

The divisions to be acquired are expected to have 2019 revenues of £63.5m and adjusted EBITDA of £11.3m.

The company is required to file for German regulatory approval and expects to receive approval and close the transaction in October 2019.

Michael F. Barry, chairman, chief executive and president of Quaker Houghton, 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 light-weighting of vehicles and 3D printing where we have the opportunity to leverage our global footprint and complementary geographic strengths.

"In addition, Norman Hay's engineering expertise, which includes robotics applications, strengthens the existing equipment solutions platform inside Quaker Houghton and further positions the company for Industry 4.0."

Norman Hay plc was established in 1946 and has approximately 400 employees with production and research and development facilities across Europe and the US.

The business was advised on the deal by Deloitte. Darren Boocock, head of Deloitte’s M&A business in the Midlands, said: "The transaction is a fantastic outcome for all concerned, and provides an attractive home for the business and its 400 employees.

"Deloitte has supported Norman Hay for some time - helping them assess the available options for the business. Norman Hay has the benefit of a global group to help leverage their considerable expertise and access new opportunities while Quaker Houghton has acquired a market-leading business with global reach. The transaction demonstrates the continued strength of US and other overseas corporates in acquiring UK assets, and showcases Deloitte’s ability to deploy its sector expertise to great effect."

The Deloitte Midlands Financial Advisory team comprised Darren Boocock, Andy Moody, Mike Craven, Murray David and Pauline Biddle.

Norman Hay was also advised by the Midlands teams of Eversheds (legal), Deloitte Transaction Services (financial diligence) and BDO (tax). 

Source: Jon Robinson (

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