Goodwin to Sell Defence Assets
British engineering group Goodwin agreed to sell parts of its mechanical engineering division housing defence assets to Cerberus Capital for 1.5 billion dollars. The deal covers components for naval ship and submarine programmes, drawing attention amid rising demand.
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Goodwin plc agreed to sell parts of its defence and engineering division to United States private equity firm Cerberus Capital for £1.1 billion ($1.49 billion) on Wednesday morning. The transaction follows a strategic review initiated in August as demand surged for precision-machined castings used in naval and nuclear projects. Shares dropped 23% on Tuesday after initial reports of the talks, followed by an additional 4% decline on Wednesday morning.
