In 1992, Hawker Siddeley was acquired by BTR plc for £1.5bn. Burdened by debts after years of acquisition, in 1999 BTR merged with Siebe to form BTR Siebe plc, which was renamed Invensys plc. In preparation, BTR reviewed and decided to sell-off any subsidiary operations, which included Lister Petter. The shearing and accessories business was sold to a management buyout, the core large engine products were acquired by Deutz AG, and the residual small engines business was cut down to a profitable concern and sold in 1996 to Schroders Venture Capital.