Global energy motors and pumps manufacturer Hayward Tyler has acquired the commercial nuclear utility business of Graham Corp.
Graham, focused on design and manufacturing of equipment for oil refining, petrochemical and defense industries, put its Energy Steel commercial nuclear division up for sale in March. The division generated about $8.3 million in revenue for the past fiscal year, according to the Graham release.
"We are pleased to have found a strategic buyer for our commercial nuclear utility business, Energy Steel,” James R. Lines, Graham CEO, in a statement. "We expect that the transaction will be accretive to our margins and earnings. Having completed this divestiture, we are now better positioned to focus even more attention on growth opportunities presented by the refining, petrochemical and defense industries.”
Vermont-based Hayward Tyler has been involved in the nuclear energy space since the 1950s. Its early work included Calder Hall in the UK, the second nuclear plant globally but the first to produce energy on an industrial scale.
In April, Hayward Tyler announced that it had secured new nuclear contracts totaling $6 million with U.S. and South Korean customers. The deal included pumps and spare parts to refurbish and upgrade existing plants.
In 2017, Hayward Tyler merged with Avingtrans.