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'Project Boost' by Redditch firm GKN to keep Melrose at bay

Correspondent 16th Feb, 2018

UNDER-threat Redditch engineering group GKN has offered shareholders up to £2.6billion in returns over the next three years as it attempts to fend off an approach by turn around specialist Melrose.

Ipsley-based GKN suffered a number of reverses last year in some of its key industries, prompting the interest from Melrose, which specialises in buying companies, stripping out loss making elements and then selling them on again.

It has valued GKN at £7.4billion and is urging shareholders to accept the offer.

GKN’s response has been ‘Project Boost’ which would split its successful automotive and aerospace divisions and sell under performing sectors.

This it says would boost profits, creating a recurring annual benefit of £340million from the end of 2020.

Melrose said the move is an acknowledgement the company has not been performing to its full potential and only a change of ownership can carry out the reforms needed.

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