Goodwin to Sell Mechanical Engineering Business for Up to GBP1.1 Billion

05:33 AM EDT, 09/09/2026 (MT Newswires) -- Goodwin (GDWN.L) said Wednesday it agreed to divest a substantial portion of its mechanical engineering business to an affiliate of Cerberus Capital Management for headline cash consideration of up to 1.1 billion pounds sterling, subject to adjustments. The deal covers Goodwin Steel Castings, Goodwin International, Noreva, Easat Group and the Pumps Division, while the London-listed engineering group will retain its Refractory Engineering and Technological divisions. Completion of the transaction is expected in the first quarter of 2027, subject to the approval of relevant regulators and an internal reorganization of the selling group. Goodwin earmarked a majority of the net cash proceeds from the sale for shareholders' return, with distribution details to be disclosed in due course.