Goodwins sell defence arm

Engineering firm Goodwin has sold parts of its business, which supplies components for submarines and naval vessels, for £1.1bn.

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.

The sale is expected to complete in the first quarter of next year, subject to regulatory approval, Goodwin said.

Following the agreement, the firm said it would undertake an "internal reorganisation" across the group prior to completing the sale.