1st May 2019 10:45
LONDON (Alliance News) - Goodwin PLC said Wednesday its chair and boss both stood down to give way to the next generation of the family-run engineering firm.
Managing Director Richard Goodwin and Chair John Goodwin have both stood down from their respective posts with immediate effect. Both had spent 27 year in their respective roles - having served since 1992 - and have trained up the sixth generation of the Goodwin family to take over in their stead.
During this time, Goodwin has grown from a firm with seven subsidiaries to one with 24 subsidiaries across the mechanical engineering and refractory engineering segments. Pretax profit has grown at an annual compound growth rate of 14% over that period, from GBP402,000 in 1992 to GBP13.3 million in 2018.
The MD role held by Richard Goodwin will be split into two to reflect the large differences between the two main operating units.
Matthew Goodwin will become MD of the Mechanical Engineering division. He has served at Goodwin for 16 years with a primary focus on its mechanical business, being a director for the last 13 years.
Meanwhile, Simon Goodwin will take the helm as MD of the Refractory Engineering division. He has served at Goodwin for the last 14 years with a focus on the refractory business, having also been director of the firm for the last nine years.
Chair John Goodwin will be replaced by his son Timothy Goodwin who has been a director for four years, having joined the firm eight years ago.
"During his time with the company he has spent time working across the group and is a director of several Goodwin companies, both in the UK and overseas," Goodwin explained in a statement. "This has enabled him to gain knowledge of both the Mechanical and Refractory Engineering divisions and provided him with a broad perspective of the group as a whole."
Goodwin also reported Wednesday that it had increased its stake in three casting powder manufacturers to 75% after buying out a 25% stake held by a long-term minority partner. Goodwin now holds these enlarged stakes in Jewelry Plaster in Thailand as well as Ultratec China and SRS in China.
Shares in Goodwin were 4.5% higher at 3,238.40 pence on Wednesday.
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