Announcement – Completion of acquisition
We are pleased to announce that the acquisition of Sheffield Forgemasters by the Ministry of Defence (MoD) legally completed on 19 August following the three week offer period.
Shareholders and Optionholders will receive their share sale proceeds and option gains over the coming days with funds to be distributed by the company on behalf of MoD.
The company is now 100% owned by the Secretary of State for Defence and will continue to operate in its current form under the leadership of its existing Executive Directors and senior management, to be supplemented by the appointment of two further Non-Executive Directors including one from UK Government.
The acquisition secures Sheffield Forgemasters’ role as a key supplier into the MoD for the long-term and is structured to invest substantial new capital into the modernisation of defence-critical assets. We will keep employees informed of our investment plans to recapitalise plant and infrastructure through a programme of communications as we embark upon this exciting new chapter for the company.
David Bond, Chief Executive Officer