Hayward Tyler Group clinches Peter Brotherhood deal

Engineering company Hayward Tyler Group has completed the acquisition of Peter Brotherhood business from Siemens-owned Dresser-Rand Company for $15m in cash.

The London-listed company said the deal for the steam turbines maker will be funded through new debt facilities from Royal Bank of Scotland, adding the acquisition is expected to be immediately earnings enhancing.

In the 2014, Peter Brotherhood posted operating profit worth $3.2m and Hayward Tyler indicated the deal will bolster its number of customers and orders, as well as giving it the opportunity to strengthen its relationships with a number of existing clients.

“The acquisition will also underpin the strength and depth of the wider Hayward Tyler group and set the stage for our next level of growth across the global energy sector whilst further cementing our position in the oil and gas and specialty chemical markets,” said group chief executive Ewan Lloyed-Baker.

Hayward Tyler shares were up 6.92% to 85.00p at 0816 BST on Monday.