Goodwin sells part of defence business for £1. 1bn
Goodwin sells part of defence business for £1. 1bn. Image source, Royal NavyImage caption, The firm supplies components to major defence and nuclear programmesPublished9 September 2026Engineering firm Goodwin has sold parts of its business, which supplies components for submarines and naval vessels, for £1.
What happened
Related topicsStoke-on-TrentManufacturingCompaniesEngineeringMore on this storyGoodwin considers selling part of defence businessPublished7 AugustSubmarine base set for £7. 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. "Today's announcement represents a significant milestone in the history of Goodwin as we reposition our business and deliver significant value for our shareholders," said chairman Timothy J W Goodwin. In August, bosses first announced that they were exploring a possible sale of a "substantial part" of its mechanical engineering division, which includes Goodwin Steel Castings (GSC), Goodwin International (GI), Noreva, Easat and Pumps.
Last month, Goodwin revealed that profits more than doubled over the past year as a global increase in military spending support demand for radar equipment and submarine parts. Image source, GoogleImage caption, The firm is based in Stoke-on-Trent"Their commitment has created businesses with strong reputations, talented teams and excellent customer relationships which are well positioned for future growth with the support of Cerberus, an experienced investor with a strong and relevant track record of supporting businesses across the defence and industrial sectors to deliver on their underlying potential.
Michael Sanford, global head of private equity and co-head of supply chain and strategic opportunities at Cerberus, said: "Cerberus has a clearly defined and established strategy to invest behind leading defence and industrial businesses that benefit the needs and goals of Western-allied nations.
The wider picture
The group strikes a deal with Cerberus, a firm set up by US defence official Stephen Feinberg. The sale is expected to complete in the first quarter of next year, subject to regulatory approval, Goodwin said. Goodwin added: "The board would like to express its gratitude to all employees across GSC, GI, Noreva, Easat and Pumps for their dedication, professionalism and contribution over many years. "The company, which was founded in 1883, is majority owned and managed by the Goodwin family, while it has shares listed on the London Stock Exchange.
1bn upgrade Published15 JulySubmarine builds to bring 'prosperity to Barrow'Published2 June 2025Two new factories expected to create up to 100 jobsPublished20 March 2025Related internet linksGoodwin PLC Rumors that Apple might enter the game controller business have circulated for some time. 7’s code to two game controllers identified as first-party devices. As Gurman notes:For example, Beats now sells a range of iPhone cases and USB-C cables that don’t necessarily fit Apple’s usual approach to design.
What has been reported
Following the agreement, the firm said it would undertake an "internal reorganisation" across the group prior to completing the sale. Michael Sanford, global head of private equity and co-head of supply chain and strategic opportunities at Cerberus, said the firm was committed to investing in the UK. "Get in touchTell us which stories we should cover in StaffordshireContact formContact formFollow BBC Stoke & Staffordshire on BBC Sounds, Facebook, external, X, external and Instagram, external. TechGamingNewsApple is reportedly working on iPhone game controllersThe accessories would likely be sold under the Beats brand.
The accessories would likely be sold under the Beats brand. by Terrence O'BrienSep 13, 2026, 6:30 PM UTCImage: 8BitDoTerrence O'Brien is the Verge’s weekend editor. He’s covered the tech industry for over 18 years and knows a thing or two about synths. Bloomberg’s Mark Gurman says Apple is developing two game controllers for the iPhone and will likely sell them under the Beats brand. But last week, MacRumors reported finding two references in macOS 26.
What happens next
Despite the code being found in macOS, not iOS, Gurman says the controllers are designed for iPhones. Additionally, he says that it is Beats executives leading the charge on this product. Apple sometimes uses its subsidiary brand to experiment with new product categories and compete at lower price points without sullying its more premium Apple lineup. To reach a broad audience, it has to be relatively affordable, which means avoiding some of the more expensive materials and finishes typically associated with Apple products.
The culture and lifestyle around gaming controllers also could fit naturally under the Beats umbrella. Follow topics and authors from this story to see more like this in your personalized homepage feed and to receive email updates. Terrence O'BrienAppleApple RumorsGamingiPhoneNewsTechMost PopularMost PopularYour car is selling your dataLG responds to TV spying allegationsWaymo pulls over, calls cops on riders with a ghost gunYour Mother Your Mother Your Mother will make you forget all about Marvel’s Blade disasterSamsung says ‘Tim Cook’ bought a Galaxy FoldAdvertiser Content FromThis is the title for the native adMore in TechApple’s new phones are hereYour car is selling your dataStarCraft returns in 2030 as an open-world shooterLG responds to TV spying allegationsWhere to preorder the iPhone 18 Pro and Pro MaxOpenAI just wants to winApple’s new phones are hereJay PetersSep 13Your car is selling your dataAndrew HawkinsSep 13StarCraft returns in 2030 as an open-world shooterTerrence O'BrienSep 12LG responds to TV spying allegationsTerrence O'BrienSep 12Where to preorder the iPhone 18 Pro and Pro MaxBrad BourqueSep 12OpenAI just wants to winRobert HartSep 12Advertiser Content FromThis is the title for the native adTop Stories11:00 AM UTCWhat happens after a town de-FlocksAn hour agoMicrosoft says ‘people matter more than AI’ following safety concernsSep 12Anthropic CEO says it’s time to pump the brakes on AISep 13Your car is selling your dataSep 13Your Mother Your Mother Your Mother will make you forget all about Marvel’s Blade disasterNotifications DrawerSign in to see your notifications or create an account to join the conversation.
The report has been compiled by The Daily Waves using information reported across bbc.co.uk, theverge.com. Details are presented according to the information available at the time of publication and may change as authorities, organisers or other relevant parties provide updates.