Goodwin PLC Supply Agreement (5732Q)
June 22 2020 - 2:00AM
UK Regulatory
TIDMGDWN
RNS Number : 5732Q
Goodwin PLC
22 June 2020
GOODWIN PLC (the "Company" or the "Group")
Mechanical Engineering Division - Supply Agreement
Announcement
The Board is delighted to announce that a long-term opportunity
that has been worked on for a number of months for the supply of
capital goods has come to fruition.
Goodwin International Limited has entered into a long-term
arrangement to manufacture and machine storage boxes to assist with
nuclear waste clean-up.
The production programme is planned to ramp up over a 12 month
period, and is anticipated to continue for many years. Goodwin
Steel Castings Limited will manufacture castings for the project,
with other activities being undertaken at Goodwin International
Limited. This is the largest purchase agreement the Group has
entered into to date, and is expected to result in significant
turnover for the business from the next financial year onwards.
This agreement, along with other business successes over the
past two years, will further diversify the Group's revenue streams,
and will likely reduce the Groups activity in the oil and gas
sector going forward to less than 20%, which historically has
accounted for in excess of 40%.
Goodwin International Limited has the operational ability to
deliver this highly technical engineering procurement within its
existing infrastructure, utilising its wealth of experience in
engineering projects with critical end use applications.
Without the Group's investment into Goodwin Steel Castings
Limited over the past three years, enabling it to increase the size
and weight of castings it manufactures, it would not be possible to
execute this scale of work.
Enquiries: Jenny Martin, Company Secretary +44 (0)1782 220332
LEI: 213800N4T1NMSJ57B322
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
The person responsible for arranging the release of this
announcement on behalf of the Company is Jenny Martin, Company
Secretary.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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contact rns@lseg.com or visit www.rns.com.
END
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