GKN to swoop on US factory

Michael Bow
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FTSE 100 engineering giant GKN is mulling plans to buy a US-based maker of Boeing 747 airplane wings.

GKN, formed in Birmingham about 100 years ago as Guest, Keen & Nettlefolds (GKN), is gearing up to bid for Spirit Aerosystems’ wing division, a 3,000-strong factory based in Oklahoma.

The deal, which could cost GKN about $700m (£455m), comes after Spirit decided to offload some of its units after making a loss last year.