BUSINESS NEWS
£ 1.1bn deal opens a new chapter for Goodwin
One of Stoke-on-Trent’ s longestestablished businesses has agreed the sale of a substantial part of its Mechanical Engineering division to US investment firm Cerberus Capital Management. The landmark transaction will reshape the Goodwin group while placing several of its specialist engineering operations under new ownership.
A Stoke-on-Trent engineering business founded more than 140 years ago is preparing for one of the most significant changes in its history after agreeing a £ 1.1 billion deal with US investment firm Cerberus Capital Management.
Goodwin plc has agreed to sell a substantial part of its Mechanical Engineering division, including businesses involved in supplying specialist components for submarines, naval vessels and other defence and industrial applications.
The transaction includes Goodwin Steel Castings, Goodwin International, Germany-based Noreva, Easat Group and Goodwin’ s Pumps Division.
It is expected to complete during the first quarter of 2027, subject to regulatory approvals and an internal reorganisation which will transfer the businesses being sold into a new legal entity.
Goodwin’ s Refractory Engineering and Technological divisions are not included in the transaction and will remain part of the group.
The Stoke-on-Trent-headquartered company said the agreement represented a“ compelling opportunity to unlock significant shareholder value while creating a more focused Group with a strong balance sheet and enhanced capacity to invest in its remaining businesses”.
The deal follows confirmation in August that Goodwin was exploring a possible sale of a substantial part of its Mechanical Engineering division.
It also comes during a period of strong financial performance for the company. In
August, Goodwin revealed that its profits had more than doubled over the previous year, with increasing global military expenditure supporting demand for radar equipment and submarine parts.
Founded in 1883, Goodwin is majority owned and managed by the Goodwin family, with its shares listed on the London Stock Exchange. Over more than a century, the business has developed specialist engineering capabilities serving customers in the UK and internationally.
Chairman Timothy Goodwin described the sale agreement as a defining moment for the company.
“ Today’ s announcement represents a significant milestone in the history of Goodwin as we reposition our business and deliver significant value for our shareholders.
“ The Board would like to express its gratitude to all employees across GSC, GI, Noreva, Easat and Pumps for
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