Reporting increased sales and profits, chief executive Nigel Stein said each of the company’s four achieved record or near record profits. GKN’s Driveline division sells to manufacturers of passenger cars and light vehicles; Powder Metallurgy also sells mostly to the automotive market; Aerospace, specialises in military and civil aircraft, aircraft engines and equipment; and Land Systems sells to producers of agricultural, construction, mining and industrial equipment and to the automotive and commercial vehicle sectors.
“Each division has leading technology and market positions and out-performed their respective markets, with a strong pipeline of new business. GKN Driveline and GKN Land Systems were further strengthened with the two highly complementary acquisitions of Getrag Driveline Products and Stromag,” Stein said.
Group sales for 2011 were13% up at £6.1 billion while pre-tax profit rose to £351 million.
This material is protected by copyright Ken Hurst 2011.