January 21, 2018 / 11:55 AM / 3 months ago

Takeover target GKN raises forecast for electric driveline sales

LONDON, Jan 21 (Reuters) - GKN, the British engineering company trying to fend off a hostile bid from Melrose Industries, increased its sales forecast for its electric driveline unit on Sunday, saying it had won significant contracts from major global automakers.

The company said its electric driveline sales were forecast to rise from 33 million pounds ($46 million) in 2017 to 275 million pounds in 2020 and 500 million pounds in 2002. It had previously expected sales to rise to 200 million pounds in 2020.

$1 = 0.7217 pounds Reporting by Paul Sandle; Editing by Susan Fenton

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