On 4th May 2017, the Norbar Torque Tools group of companies (Norbar), its wholly owned companies in India and Singapore, and including the joint ventures in USA and China, were acquired by Snap-on Incorporated of Kenosha, Wisconsin, USA.
Since its incorporation in 1943, Norbar has been owned and managed by descendants of the founder, William Brodey, with four members of the third generation family currently operating the business. The Brodey family has decided to accept Snap-on’s acquisition offer as an exciting opportunity to significantly expand sales, particularly in non-EU markets such as the United States.
The company opened a new UK facility last year – Torque has a report from the launch here.
Managing Director Neill Brodey commented on the acquisition: “There has always been great mutual respect between the two management teams, based upon a shared ethos and commitment to delivering the highest standards of technical products and services. These shared values make Snap-on a natural partner for Norbar.”
Norbar founder, William Brodey’s, introduction to the tool business was as a distributor for Snap-on products in the early 1940s. Snap-on, the company that invented the now ubiquitous concept of interchangeable sockets and handles, has a track record of innovation on its own and a demonstrable willingness to foster and grow companies that have been acquired. The Brodey family will continue to manage the company and are proud to become part of the Snap-on team.
Neill Brodey continued: “For Snap-on, Norbar brings high powered torque tools that complement and expand the company’s existing torque offering, whilst Norbar gains access to existing technologies within the Snap-on group that will allow us to accelerate our product development plans and grow production at the Banbury site. We can now look forward to an exciting future as Snap-on and Norbar begin to develop the many opportunities that are available to the combined company.”
Reports indicate that Snap-On paid $72 million for Norbar.