Goodwin considers selling part of defence business
Summary
Goodwin, a British engineering company, is thinking about selling a large part of its mechanical engineering business, which supplies parts for defence and nuclear projects. The company is reviewing its options with help from advisors but has not decided to sell yet.Key Facts
- Goodwin is based in Stoke-on-Trent and works in mechanical engineering.
- The business supplies parts to major UK and US defence projects, like the Royal Navy's Type 26 frigates and Dreadnought-class submarines.
- Goodwin’s mechanical engineering division includes Goodwin Steel Castings, Goodwin International, Noreva, Easat, and Pumps.
- The company started a review to consider selling a “substantial part” of this division to increase value for shareholders.
- Rothschild & Co is advising Goodwin during this strategic review.
- Goodwin’s shares rose about 10% after news of the potential sale.
- The company has been helped by increased defence spending but previously lost some contracts causing challenges.
- Goodwin was founded in 1883 and is mainly owned by the Goodwin family; it is listed on the London Stock Exchange.
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