THREE executives of a huge Indian company have joined the board running a famous Luton firm following a £5million investment.
Industrial pump maker Hayward Tyler, in Kimpton Road, is owned by Specialist Energy Group (SEG) which hopes to open up new markets through its association with McNally Bharat.
About 300 people work at the Luton firm, which was founded in 1815. The firm is looking at ways to celebrate its 200th anniversary in 2015.
The investment arm of McNally Bharat, MBE, has bought 10million new SEG shares, equivalent to 42 per cent of the company.
As a result MBE directors Deepak Khaitan, Prabir Kumar Ghosh, and Subir Ranjan Dasgupta have joined the SEG board as non-executive directors.
Both firms are expected to benefit from the move, with Hayward Tyler opening up US and Chinese markets for McNally Bharat and McNally Bharat opening up India and South America to Hayward Tyler.
Ewan Lloyd-Baker, chief executive of SEG and chairman of its operating business, Hayward Tyler, said the company has changed bankers and is looking at ways to be more flexible as a business.
“If you do not change you become a dinosaur and look what happened to them,” he said.