Melrose shares tumble as five-year targets fail to wow investors Business Shares in Melrose Industries tumbled more than 13 per cent on Thursday after a new set of five-year targets failed to chime with investors. GKN Aerospace’s owner is targeting £1.2bn in adjusted operating profit and around £5bn in revenue by 2029. It is also looking to secure annual earnings per share growth of more than [...]
GKN owner Dowlais faces merger from US competitor Business GKN Automotive owner Dowlais Group has become the latest London-listed firm to receive a merger offer from a US competitor. In a stock exchange announcement, Dowlais said that Michigan-based American Axle & Manufacturing Holdings had offered £1.16bn for the firm. The merger offer represents a 25 per cent premium on Dowlais’ closing price last night and [...]
Dowlais considers sale of powder metallurgy unit as EV volatility dents profit Business Boss Liam Butterworth said the firm had adopted to a "relentless" focus on cost control ahead of an anticipated dip in second half revenue.
Will Starmer dare deal with the merchants of death? July 1, 2024 There’s one substantial, profitable sector where industrial strategy could actually work: Defence. But with some on the left calling for an arms embargo, will the Labour leader look to defence as the driver of growth it could be? Asks Eliot Wilson If you can find solid principles underlying the Labour Party’s economic and industrial policy, [...]
Melrose Industries to sell Nortek air conditioning unit for £2.62bn April 19, 2021 Melrose Industries said on Monday it has agreed to sell its Nortek Air Management business for £2.62bn and will distribute a portion of the funds to shareholders. The British engineering firm said it plans to use part of the proceeds, which will come from Chicago-based buyer Madison Industries, to cut debt. It added that the [...]
Melrose shares get a boost despite GKN job cuts and car industry warning September 5, 2019 Takeover specialist Melrose Industries this morning predicted the downturn in the global automotive industry will persist until at least the end of the year, but enjoyed a jump in shares as it allayed investor concerns about the effect the industry’s struggles were having on its own business. Melrose’s market value rose five per cent this [...]
GKN slashes 1,000 jobs as owner Melrose moves turnaround plan up a gear September 3, 2019 GKN Aerospace, one of Britain’s oldest industrial manufacturing companies, has announced plans to cut 1,000 white collar jobs, in a bid to make it a “coherent business”. The firm was bought by Melrose last year for £8.1bn after an ill-tempered takeover scrap, with the buyer promising to boost profits at the former blue-chip firm. Read [...]
Melrose chief executive defends plans to close GKN factory near Birmingham April 11, 2019 The buyer of engineering group GKN has defended its plans to close one of the firm’s factories after MPs complained they undermine commitments made during the takeover process. Melrose chief executive Simon Peckham wrote to Rachel Reeves, who chairs the Business, Energy and Industrial Strategy Select Committee, saying his firm had “complied with both the [...]
Losing height: Boeing suppliers’ shares take a hit after plane maker announces 737 Max production April 8, 2019 Some of Britain’s biggest engineering companies lost hundreds of millions in market value this morning after Boeing announced it will cut production of its 737 Max range by nearly 20 per cent. Suppliers to the US firm including Rolls-Royce lost out as investors digested the news announced on Friday afternoon, which is the latest blow [...]
Melrose moves into red after GKN takeover, but shareholders remain undeterred March 7, 2019 Acquisition specialist Melrose Industries fell into the red in 2018 after the £8bn takeover of aerospace parts group GKN, but shares rose five per cent on Thursday morning investors were buoyed by strong underlying profits. The FTSE 100 firm, which specialises in buying and improving underperforming businesses, said the hostile takeover of GKN had helped [...]