£400m investment boost for Sheffield Forgemasters with MOD acquisition
The Ministry of Defence (MOD) is set to invest hundreds of millions of pounds into the newly-acquired Sheffield Forgemasters International Limited (SFIL).
The deal will enable the government to refinance the company and secure the supply of components for the MOD’s critical existing and future UK defence programmes.
The MOD also intends to invest up to £400m for defence critical plant, equipment and infrastructure into SFIL over the next 10 years to support defence outputs.
This latest news follows the announcement on July 28 that the MOD had launched an offer to acquire Sheffield Forgemasters International Limited, with the acquisition completed on August 19.
David Bond, CEO at Sheffield Forgemasters, commented: “The agreement to bring the company under the ownership of the MoD provides a more secure future for the business and its people.
“The MoD’s intention is to invest up to £400m over the next 10 years to replace defence-critical equipment and infrastructure as we recapitalise our productive capacity, positioning the company to retain and create new highly skilled manufacturing jobs within the Sheffield City region.”
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