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Engineering firm Goodwin has sold parts of its business, which supplies components for submarines and naval vessels, for \u00a31.1bn.<\/b><\/p>\n
The Stoke-on-Trent-based group struck a deal with Cerberus, a private equity firm set up by US defence official Stephen Feinberg, for parts of its mechanical engineering business, including defence operations.<\/p>\n
The sale is expected to complete in the first quarter of next year, subject to regulatory approval, Goodwin said.<\/p>\n
Following the agreement, the firm said it would undertake an “internal reorganisation” across the group prior to completing the sale.<\/p>\n
“Today’s announcement represents a significant milestone in the history of Goodwin as we reposition our business and deliver significant value for our shareholders,” said chairman Timothy J W Goodwin.<\/p>\n
In August, bosses first announced that they were exploring a possible sale of a “substantial part” of its mechanical engineering division, which includes Goodwin Steel Castings (GSC), Goodwin International (GI), Noreva, Easat and Pumps.<\/p>\n
Goodwin added: “The board would like to express its gratitude to all employees across GSC, GI, Noreva, Easat and Pumps for their dedication, professionalism and contribution over many years.<\/p>\n
Michael Sanford, global head of private equity and co-head of supply chain and strategic opportunities at Cerberus, said the firm was committed to investing in the UK.<\/p>\n
Last month, Goodwin revealed that profits more than doubled over the past year as a global increase in military spending support demand for radar equipment and submarine parts.<\/p>\n<\/div>\n