The company boss who revived the name of engineering giant Peter Brotherhood has underlined the key role the Peterborough firm will play for its new owners.
Ewan Lloyd-Baker, chief executive of Hayward Tyler, the Luton based firm that has just bought Peter Brotherhood for £10 million, says the addition of the 148-year-old business has the potential to take the company to new heights.
The Peter Brotherhood operation has the potential to mark a significant step change in the scale and size of the overall Hayward Tyler GroupEwan Lloyd-Baker, chief executive
The purchase has meant the restoration of the Peter Brotherhood name eight years after it was dropped by former owners Dresser-Rand.
Mr Lloyd-Baker was speaking after the release of the Hayward Tyler’s interim results for the six months to 30 September 2015.
The figures show that revenue for the company, which makes motors and pumps for the power generation and oil and gas industries, dropped by nine per cent to £21.8 million from £24 million for the first half of the year.
Pretax profit for the half to the end of September was level at £1.8 million.
Mr Lloyd-Baker said: “In Peter Brotherhood, we once again have the opportunity to take an underinvested, unloved, orphan asset and transform it both through our proven focus on continuous improvement and our ability to now leverage-off the existing sales networks of the two business.
“The Peter Brotherhood operation has the potential to mark a significant step change in the scale and size of the overall Hayward Tyler Group.”
The purchase is the third change of ownership since the turn of the century for Peter Brotherhood, which employs 145 people at its factory in Papyrus Road, Werrington.
Peter Brotherhood is the UK’s only producer of steam turbines with an output up to 40MW. It has nearly 1,500 units that still operate across 100 countries, having supplied steam turbines to many of the world’s leading operators including Woodside, SBM, Saipem, Aker, Fred Olsen, Samsung and Maersk.
Mr Lloyd-Baker said: “We believe there is a significant opportunity to re-invigorate the Peter Brotherhood brand to win new business and drive revenues from its existing installed base.
“Furthermore we are confident that, operating within the Hayward Tyler Group, Peter Brotherhood will benefit from improved manufacturing processes, broader geographical coverage and access to overseas service facilities as well as accelerated investment in new product development and design.
He added: “Over the last four years we have transformed Hayward Tyler into a forward-thinking, profitable market-leader in its specific niche markets.
“We believe the same philosophy will allow us to drive significant growth from Peter Brotherhood’s strong installed base and into new market areas and technologies.
“This acquisition, which the directors expect will be significantly earnings enhancing during the first full financial year following completion of 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 speciality chemical markets.”