GKN TO BUY GETRAG IN £295M DEAL

GLOBAL engineering giant GKN is buying automotive components business Getrag Driveline, for £295m, it said yesterday. GKN, whose chief executive is Sir Kevin Smith (pictured), will pay £283m in cash and equity followed by £12m if Getrag hits targets on the future trade it generates. It is privately owned by the Hagenmeyer family.