A NEWCASTLE engineering business has become the latest regional company to attract the interest of an overseas buyer - and the region's deal makers say they expect the trend to continue.

The relative weakness of sterling is making the UK attractive to overseas corporates and Metal Spinners of Newburn was this month sold to US firm Standex.

Simon Watts, head of corporate and commercial at Newcastle law firm Dickinson Dees was its lead partner advising Metal Spinners management on the transaction.

He said: “We were delighted to be able to bring the transaction to a successful conclusion for the Metal Spinners’ management team and we are sure Metal Spinners will prosper under the ownership of Standex.

“The deal is another example of the current trend for inward investment by US companies, which we’re frequently finding ourselves involved in at the moment.”

The vendors were also advised by Paul Kaiser of Newcastle accountants and business advisors unw, he said: “Metal Spinners is a great example of the region’s capability. It has been established, under the vendor’s ownership, as a highly regarded specialist engineering business supplying into international markets.

“This transaction is a good barometer to the sort of transaction that can be delivered for owner-managed businesses that are able to demonstrate resilience through the downturn and real growth potential in the markets in which they operate.

“At present the UK represents an attractive proposition for investment by overseas buyers.”