The sale of Formica, which came after its previous owners decided to concentrate on its operations in New Zealand and Australia, was first announced last December but was subject to regulatory processes.

Broadview Holding BV has now signalled that the sale – which was previously said to be for £664m on a cash-free and debt-free basis – has now completed, and said it hopes Formica will benefit from being part of a large multinational group.

A statement from the company said: “Broadview welcomes the Formica companies to its family of businesses in the field of material technology which already include Arpa, Trespa and Westag.

“With combined sales of €1.2bn and circa 6,000 employees, the expanded group will have a leading global position in surface materials.”

Formica’s North Shields factory dates back to1945 and is well known to thousands of motorists because of its location next to the Coast Road.

The site received major investment from then owners Fletcher Building in 2018, but the New Zealand  company later put Formica up for sale as it moved to strengthen its balances amid big losses in its native New Zealand.