Hayward Tyler to Acquire Steam Turbine Manufacturer for $15 Million

LONDON--Hayward Tyler Group PLC (HAYT.LN), a supplier of electric motors and pumps, said Monday that it will acquire U.K. engineering business Peter Brotherhood for $15 million in cash.

The company is acquiring the business from Dresser-Rand Co. Ltd., a unit of Siemens (SIE.XE). The acquisition consideration will be funded through new 14 million pounds ($21.43 million) worth of loan facilities from Royal Bank of Scotland.

Hayward Tyler expects the acquisition to be immediately earnings enhancing in current financial year and significantly earnings enhancing in the first full year of ownership.

Peter Brotherhood manufactures steam turbines, gas compressors and combined heat and power units for the power generation, oil and gas and marine markets. In 2014, it recorded adjusted operating profit of $3.2 million.

Write to Tapan Panchal at tapan.panchal@wsj.com

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(END) Dow Jones Newswires

October 12, 2015 02:30 ET (06:30 GMT)

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