Engineering firm does deal with US investment firm

 Goodwin plc has agreed a £1.1 billion sale of a substantial part of its Mechanical Engineering division to a US investment firm.

The deal with Cerberus Capital Management includes includes Goodwin Steel Castings, Goodwin International, Noreva GmbH, Easat Group and the Pumps Division.

It is expected to complete in the first quarter of 2027, subject to regulatory approvals and completion of an internal reorganisation to transfer the business into a new legal entity.

Goodwin’s Refractory Engineering and Technological divisions are excluded from the deal and will remain part of the group.

Stoke-on-Trent-headquartered Goodwin said the deal represents 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”.