News - Midlands
Swiss millions for Norman Hay
Coventry chemicals specialist Norman Hay has formed a global partnership with Switzerland’s Normet Group after selling it 30 per cent of its TAM International subsidiary for £2.4m. Norman Hay, a listed chemicals, sealants and surface coating producer, will use a portion of the money - £853,000 - to repay loans and the remainder will fund future expansion. Normet develops, manufactures and markets equipment and vehicles for mining and underground construction. TAM International is Norman Hay’s construction chemicals division. Vic Bellanti, chief executive of Norman Hay, said: “The business activities of TAM and Normet are extremely complementary.”