Lanarkshire-based engineering contractor Motherwell Bridge has completed the sale of its non-core product business Nayler Petroseals to US firm HMT Inc.
Nayler Petroseals offers specialist industrial seals to reduce evaporation losses and emissions from storage tanks.
HMT has been providing bulk and liquid storage products for over three decades and has offices all over North America as well as in Europe, the Middle East, Asia, Australia and South Africa.
Motherwell Bridge has evolved over its long history and is now firmly focused on providing bespoke construction and project management services for clients all around the world, particularly in the Middle East and, increasingly, in west Africa.
However, as part of the sale of Naylor Petroseals, Motherwell Bridge will retain access to the Nayler Petroseal product range and will now be able to offer the whole range of HMT products to its clients.
Russell Ward, chief executive of Motherwell Bridge, said of the sale: “This strategic sale is a very healthy step for Motherwell Bridge, allowing the company to flourish in its core business while maintaining access to an excellent product range.
“It makes a great deal of sense to complete this deal, as it provides the perfect vehicle to spearhead our drive in the global market. It really is a win-win – the deal means Nayler can grow and flourish under a progressive, forward-looking company like HMT and Motherwell Bridge gains access to new products and markets through the partnership.”
Motherwell Bridge has laid the foundations of success in new markets in recent years, including the Middle East and Africa. These areas offer great opportunities for the company and are central to its plans for growth.
President and CEO of HMT, George Gregory, added: “HMT is pleased to add Nayler Petroseals to our extensive line of products and services for the above ground storage industry. We also welcome the opportunity to provide Motherwell Bridge and their clients superior product solutions to help meet their tanking needs. HMT is a global company and we are committed to extending our reach to better serve our customers.” In addition to this acquisition, HMT recently announced the opening of their latest fabrication facility in Izmir, Turkey.