Goodwin plc
{{Short description|English heavy engineering firm}}
{{EngvarB|date=September 2013}}
{{Use dmy dates|date=January 2024}}
{{Infobox company
| name = Goodwin plc
| logo = Goodwin plc logo.png
| logo_size =
| type = Public limited company
| traded_as = {{lse|GDWN}}
| genre =
| foundation = 1883
| founder = Ralph Goodwin
| location_city = Stoke on Trent
| location_country = England, UK
| location =
| key_people = T. J. W. Goodwin (Chairman)
M. S. Goodwin (Managing Director, Mechanical Engineering)
S. R. Goodwin (Managing Director, Refractory Engineering)
| area_served =
| industry = Engineering
| products = Machined steel castings
| services = Bespoke heavy engineering
| revenue ={{increase}} £191.3 million (2024){{cite web |url=https://www.goodwin.co.uk/wp-content/uploads/2024/08/65911-Goodwin-Directors-Report-2024-WEB.pdf |title=Annual Report 2024 |publisher=Goodwin plc |access-date=10 February 2025}}
| operating_income ={{increase}} £26.9 million (2024)
| net_income ={{increase}} £17.7 million (2024)
| num_employees =
| parent =
| divisions =
| subsid =
| owner =
| slogan =
| homepage = {{url|https://www.goodwin.co.uk/}}
| dissolved =
| footnotes =
}}
Goodwin plc is a heavy engineering firm located in Stoke-on-Trent, Staffordshire, England. It specialises in the supply and fabrication of castings. The firm is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
Founded as R. Goodwin & Sons in 1883, the company has long been a specialist in mechanical and refractory engineering. Throughout the twentieth centuries, it secured multiple licences from other firms, facilitating the production of materials such as ductile iron and cast Hastelloy® (super nickel alloys). The firm became a limited company, R. Goodwin & Sons (Engineers) Ltd., on 11 October 1935; it was listed for the first time on the London Stock Exchange in 1958. Goodwin became the first steel foundry in the world to be awarded accreditation by the British Standards Institution to BS5750 (now ISO9001) for casting production during 1984.
During the late twentieth and early twenty-first centuries, the oil and gas industry was a major source of business for the firm; however, this when into a sharp decline in the 2010s. Goodwin's response was to diversify into other sectors, from the specialist polymer manufacturer Duvelco to high-performance radar antennas. During the mid 2020s, the company performed particularly well, leading to its entry into the FTSE 250 Index.
History
The origins of the company can be traced back to the founding of R. Goodwin & Sons, an iron foundry and engineering business, in 1883. It was established by Ralph Goodwin and his sons. Originally operated as a partnership, it was converted into a limited company via the incorporation of R. Goodwin & Sons (Engineers) Ltd. on 11 October 1935.{{cite web |url = https://www.goodwinsteelcastings.com/goodwin/history |title = History |website = goodwinsteelcastings.com |access-date = 11 February 2025}} The firm developed itself into a specialist in mechanical and refractory engineering; the design and manufacture of metal components and mineral-based products that can retain their form and strength under extremely high temperatures.
During 1952, Goodwin secured a licence from the International Nickel Company that permitted them to produce ductile iron. Six years later, the company was listed for the first time on the London Stock Exchange;{{cite news |url=https://www.theguardian.com/business/nils-pratley-on-finance/2012/oct/04/goodwin-plc-polar-opposite |title=UK engineering firm Goodwin is unintended victim of FSA clampdown |date=4 October 2012 |newspaper=The Guardian |first=Nils |last=Pratley |access-date=3 July 2024}} by the twenty-first century, it was one of the 10 oldest companies to be listed there.{{Cite web |url=http://www.goodwinsteelcastings.com/goodwin.html |title=Goodwin Steel Castings – Profile |access-date=23 June 2011 |archive-url=https://web.archive.org/web/20111010005655/http://www.goodwinsteelcastings.com/goodwin.html |archive-date=10 October 2011 |url-status=dead }} Despite its listing, the Goodwin family has long retained a sizable stake in the business.
In 1983, to mark the company's centenary, Goodwin was granted a coat of arms. One year later, it became the first steel foundry in the world to be awarded accreditation by the British Standards Institution to BS5750 (now ISO9001) for casting production.{{Cite web |url=http://www.goodwinsteelcastings.com/approvals.html |title=Goodwin Steel Castings – Approvals |access-date=23 June 2011 |archive-url=https://web.archive.org/web/20120325192443/http://www.goodwinsteelcastings.com/approvals.html |archive-date=25 March 2012 |url-status=dead }} During 1986, Goodwin secured a license from Langley alloys to produced Super Duplex Stainless Steel (Ferralium™ Alloy 255 3SC (UNS S32550)).
During 1990, Goodwins were granted an exclusive (to the UK) license from Haynes International to produce cast Hastelloy (super nickel alloys). Two years later, it was awarded a "best practice" certificate for Computer Aided Methoding from the British Government's Energy Efficiency Office. In 1999, the firm was accredited to ISO14001 Environmental Management System.
In 2006, it was awarded the Queen's Award for International Trade.{{cite web |url=https://online.businesslink.gov.uk/Growth_and_Innovation_files/QA_Winners_International_Trade.pdf |title= Queen's Award for International Trade: Winners' List |page=21 |publisher=Gov.uk |year=2011 |archive-url=https://web.archive.org/web/20110720080711/https://online.businesslink.gov.uk/Growth_and_Innovation_files/QA_Winners_International_Trade.pdf |archive-date=20 July 2011}} Two years later, the firm started supplying Caryophyllene for an American research programme.
During 2012, the company manufactured the world‘s largest super nickel alloy casting. That same year, Goodwin was criticised for its failure to comply with the requirements of the Financial Services Authority that it have non-executive directors on the board.
By the 2010s, the oil and gas sector comprised a substantial portion (as much as 50 percent for some years) of Goodwin's revenues and profits; the sector regularly used its high-spec large-scale valves. During 2014, oil prices crashed and the company's workload from the oil and gas sector sharply contracted, leading to some hardship over the following seven years for the firm's mechanical engineering division.{{cite web |url = https://www.investorschronicle.co.uk/content/217441f0-6d69-5586-aa51-f83447745224 |title = This 140-year-old small cap is flying under the radar |website = investorschronicle.co.uk |date = 10 July 2023 |first = Jemma |last = Slingo}} Other than the oil and gas sector, other major end markets for the firm's products at this time included the defence, aerospace and mining sectors.
During 2016, Goodwin commenced the expansion of its original foundry site by 22 percent; this involved the creation of an engineered retaining wall. In early 2020, the company embarked on an expansion of its Stoke-on-Trent headquarters, which involves the addition of two extra levels at its Hanley site for more office space and the construction of a 60-space multi storey car park.{{cite web |url = https://www.stokesentinel.co.uk/news/stoke-on-trent-news/new-jobs-coming-stoke-trent-3864621 |title = New jobs coming to Stoke-on-Trent as engineering giant to extend Hanley HQ |first = Matt |last = Jackson |website = stokesentinel.co.uk |date = 21 February 2020}}
During the early 2020s, the company proceeded with a strategy of diversification.{{cite web |url = https://www.stokesentinel.co.uk/news/stoke-on-trent-news/profits-rise-hanley-based-goodwins-7959351 |title = Profits rise at Hanley-based Goodwins as company moves away from oil and gas |first = Phil |last = Corrigan |website = stokesentinel.co.uk |date = 23 December 2022}} This included the building up of its radar subsidiary, which produces bespoke high-performance radar antennas and the creation of a new production line via its investment in Duvelco, a specialist polymer manufacturer. Other product areas included jewelry and fire suppression.{{cite web |url = https://www.investorschronicle.co.uk/content/2ff6ff32-d414-5d92-878a-81efd2d5b077 |title = Exciting opportunities in the pipeline for Goodwin |website = investorschronicle.co.uk |date = 20 December 2023 |first = Jemma |last = Slingo}} During late 2024, it was announced that the mechanical engineering division had experienced a particularly strong year;{{cite web |url = https://www.cityam.com/goodwin-plc-profit-soars-following-strategic-investments/ |title = Profit soars in bumper year for Goodwin as investments pay off |website = cityam.com |first = Bethany |last = Wales |date = 7 August 2024}} this strong perform contributed to the firm joining the FTSE 250 Index that same year.{{cite web |url = https://www.shorecapmarkets.co.uk/shore-capital-congratulates-goodwin-plc-on-joining-the-ftse-250-index/ |title = Shore Capital Congratulates Goodwin Plc on Joining the FTSE 250 Index |website = shorecapmarkets.co.uk |date = 8 July 2024}}{{cite web |url = https://www.sharesmagazine.co.uk/news/shares/specialist-engineer-goodwin-flies-high-on-first-half-update |title = Specialist engineer Goodwin flies high on first-half update |website = sharesmagazine.co.uk |date = 17 December 2024}}
Applications
Goodwin castings are used in a variety of projects. Some of the more high-profile projects are listed below:
=Bridges=
- Hardanger Bridge{{cite web |url=http://www.thisisstaffordshire.co.uk/news/Engineers-bridge-gap-clinch-163-8m-parts-order/article-1692202-detail/article.html |title=Stoke-on-Trent business Goodwin wins Norway bridge contract |date=11 January 2010 |archive-url=https://archive.today/20121223232211/http://www.thisisstaffordshire.co.uk/news/Engineers-bridge-gap-clinch-163-8m-parts-order/article-1692202-detail/article.html |archive-date=23 December 2012}}
- Oakland Bay Bridge Eastern Span Replacement{{cite web |url=http://asq.org/ee/2008/06/san-francisco-oakland-bay-bridge-project-qa.pdf |title=San Francisco – Oakland Bay Bridge |publisher=ASQ |archive-url=https://web.archive.org/web/20120307115050/http://asq.org/ee/2008/06/san-francisco-oakland-bay-bridge-project-qa.pdf |archive-date=7 March 2012 }}
- Tsing Ma Bridge{{cite web |url=http://www.ime-wm.co.uk/pages/education/host_list/letter/G/ |title=Goodwin Steel Castings |publisher=Inside Manufacturing Enterprise |archive-url=https://web.archive.org/web/20081121044418/http://www.ime-wm.co.uk/pages/education/host_list/letter/G/ |archive-date=21 November 2008 }}
- Jiangyin Yangtze River Bridge{{Cite web |url=http://www.goodwinsteelcastings.com/bridges.html |title=Goodwin Steel Castings – Bridges |access-date=23 June 2011 |archive-url=https://web.archive.org/web/20120325192516/http://www.goodwinsteelcastings.com/bridges.html |archive-date=25 March 2012 |url-status=dead }}
=Structural/Architectural=
- Faslane Naval Base{{Cite web |url=http://www.goodwinsteelcastings.com/structural.html |title=Goodwin Steel Castings – Structural |access-date=23 June 2011 |archive-url=https://web.archive.org/web/20120325192522/http://www.goodwinsteelcastings.com/structural.html |archive-date=25 March 2012 |url-status=dead }}
- Stratford station{{cite web |url=https://www.architectsjournal.co.uk/archive/creative-casting-the-bronze-age-process-of-casting-now-incorporates-computer-simulation-to-ensure-that-it-is-right-the-first-time |title=Creative casting The Bronze Age process of casting now incorporates computer simulation to ensure that it is right the first time |date=30 September 1999 |publisher=Architects' Journal |access-date=3 July 2024}}
- Ludwig Erhard Haus, Börse Berlin
- Paddington station{{cite web |url=http://www.steelconstruction.org/resources/design-awards/2000/commendation/paddington-station-phase-1-masterplan-london.html |title=Paddington Station Phase 1 Masterplan, London |publisher=Steel Construction |archive-url=https://web.archive.org/web/20110726045627/http://www.steelconstruction.org/resources/design-awards/2000/commendation/paddington-station-phase-1-masterplan-london.html |archive-date=26 July 2011 }}
=Power Generation (including Nuclear)=
- Pelamis Wave Energy Converter{{Cite web |url=http://www.goodwinsteelcastings.com/renewables.html |title=Goodwin Steel Castings – Renewable |access-date=23 June 2011 |archive-url=https://web.archive.org/web/20120325192529/http://www.goodwinsteelcastings.com/renewables.html |archive-date=25 March 2012 |url-status=dead }}
- Sizewell B nuclear power station{{cite web |url=http://www.matuk.co.uk/docs/UK%20Energy%20Materials%20Supply%20Chain%20-%20Consultation%20-%20Final.pdf |title=The Mapping of Materials Supply Chains in the UK's Power Generation Sector |publisher=Materials UK|date=1 December 2007 |page=28 |access-date=3 July 2024}}
- Sellafield re-processing plant{{cite web |url=https://www.onr.org.uk/media/zt2de3oj/wcssg-4-1.pdf |title=Site Report for Sellafield; West Cumbria Sites Stakeholder Group (WCSSG) |publisher=Office for Nuclear Regulation (ONR) |date=31 March 2022 |page=21 |access-date=3 July 2024}}
References
{{Reflist|2}}
External links
- [https://www.goodwin.co.uk/ Official site]
{{Stoke-on-Trent}}
{{FTSE 250 Index constituents}}
{{Authority control}}
Category:Companies based in Stoke-on-Trent
Category:British companies established in 1883
Category:Engineering companies of the United Kingdom
Category:Companies listed on the London Stock Exchange
Category:Manufacturing companies established in 1883