September 6, 2018 / 6:35 AM / 13 days ago

Melrose moves ahead with GKN revamp, no details on asset sales

Sept 6 (Reuters) - Turnaround specialist Melrose Industries said on Thursday it had made significant progress in reorganising engineering group GKN since its hostile 8-billion-pound takeover this year, while giving no details of plans to break up the company.

Reuters reported in July that Melrose was likely to auction off GKN’s power metallurgy business in a sale this month that would attract interest from private equity firms.

Sources also said then that GKN’s new owner was weighing options for its off-highway powertrain unit and wheels business.

Reporting by Justin George Varghese in Bengaluru; editing by Patrick Graham

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