Takeover in pipeline?
Ewan Lloyd-Baker, chief executive of SEG
TALKS are continuing into the possible takeover of one of Luton’s most successful companies.
Industrial pump maker Hayward Tyler, in Kimpton Road, has attracted interest from “certain parties” over the future of the firm.
Hayward Tyler is a wholly owned subsidiary of Specialist Energy Group (SEG), which lists its shares on the Alternative Investment Market.
SEG’s shares have recently risen markedly since news of the talks broke.
A statement from the company stated: “The directors confirm that discussions remain ongoing with certain parties that have approached the company that may or may not lead to an offer for, or an acquisition of, the company.
“There is, however, no certainty at this stage that any potential transaction will be concluded. Shareholders will be updated in due course.”
Talks have been taking place since early May.
Hayward Tyler has been seeing tremendous growth in its markets for some time. It is one of the oldest engineering companies in the country, specialising in the design, engineering and manufacturing of fluid-filled electric motors and pumps for the global energy market.
The company, which employs about 150 skilled workers at the plant, has an order book standing at more than £22million. In its recent reporting period it secured new business of £12.5million, increasing its order intake by one third compared with last year.
Hayward Tyler has major market shares in China and India where demand for conventional types of power generation are growing apace.
The company also has a major presence in the nuclear industry. It completed a shipment of spares to one of America’s largest producers and transporters of nuclear energy.
Hayward Tyler has installed equipment in almost 60 per cent of the nuclear power plants in North America and in over 140 Nuclear Power Installations globally.
Ewan Lloyd-Baker, chief executive of SEG, pictured below, said: “Hayward Tyler has established itself as a global market leading brand in its sector, the group now having revenues healthily split across the US, Europe, India and the Far East. Our strengthened balance sheet following the recent funding round is likewise allowing us to further deepen our market penetration and product development activity.”
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