One of Luton’s oldest firms has had its plans for expansion boosted by news of a $2 million (£1,322,000) investment from the United States.
Specialist engineering company Hayward Tyler, based in Kimpton Road, has entered into a production alliance agreement with Houston-based energy giant FMC Technologies.
As part of the deal Hayward Tyler will manufacture permanent magnet motors for use in FMC Technologies’ 3.2MW subsea pump systems.
The US firm has in turn committed to invest $2 million in Hayward Tyler’s Luton plant, which has been earmarked for a £10 million expansion.
The work, which includes a dedicated test facility for subsea motors, could lead to the creation of 75 jobs in the next five years.
Ewan Lloyd-Baker, CEO of Hayward Tyler, said: “The offshore oil and gas market is of long-term strategic importance to Hayward Tyler and underpins our investment into our Centre of Excellence in Luton.
“The production alliance agreement with FMC Technologies is of cornerstone importance in relation to our subsea activity.”
Hayward Tyler is this year celebrating its 200th birthday, a milestone that was marked in February with the visit of the Duke of Kent.
The roots of the firm lie in the production of hydraulic presses and soda water machinery back in 1815.