Peterborough engineering giant Peter Brotherhood is under new ownership after the completion of its sale.
The iconic engineering company, in Papyrus Road, Werrington, has been sold to Chatteris-based Avingtrans.
It is the second change of ownership for the 150-year-old Peter Brotherhood in nearly as many years.
The company was bought by Luton-based Hayward Tyler in November 2015 for £10 million from the American engineering giant Dresser-Rand.
Avingtrans has bought Hayward Tyler with sale including Peter Brotherhood, which has 145 staff. The value of the sale has not been disclosed.
The sale has finally been agreed after months of negotiations and the approval of shareholders.
Roger McDowell, chairman of Avingtrans, which also owns Metalcraft, of Chatteris, said: “The acquisition of Hayward Tyler is a significant step for Avingtrans and represents the next stage in the group’s stated strategy to “buy and build” in regulated and niche engineering markets.
He added: “The board sees significant operational and financial benefits arising from the combination of the businesses and believes that Hayward Tyler and Peter Brotherhood will substantially augment the market position of the energy business, which, together with the medical division, will increase shareholder value.”