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Melrose Says HY Adj Oper Profit Rises To 539 Mln Pounds
GKN Aerospace Says Global Headcount Is Expected To Reduce By Around 1,000 Roles
GKN Aerospace To Cut About 1,000 Jobs In Streamlining Push -FT
Melrose Industries PLC is a United Kingdom-based company that is engaged in buying manufacturing businesses. The Company’s businesses include Nortek and Brush Turbogenerators. It operates through four segments: Energy, which includes the Brush business that is engaged in supplying energy industrial products; Air Management, which includes the Air Quality & Home Solutions business that manufactures ventilation products and the Heating, Ventilation & Air Conditioning business that manufactures and sells split-system and packaged air conditioners, heat pumps, furnaces, air handlers and parts; Security and Smart Technology, which includes the Security & Control business along with the Core Brands and GTO Access Systems businesses; Ergonomics, which includes the Ergotron business that manufactures and distributes products designed with ergonomic features including wall mounts, carts, arms, desk mounts, and stands that attach to or support display devices.
Misc. Capital Goods
Leconfield House, Curzon Street
Non-Executive Independent Chairman of the Board
Simon Antony Peckham
Chief Executive, Executive Director
Executive Vice Chairman of the Board
David A. Roper
Executive Vice Chairman of the Board
Geoffrey P. Martin
Group Finance Director, Executive Director
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Melrose Industries Plc <MRON.L> flagged its confidence in meeting full-year forecasts on Thursday as the turnaround specialist reported a better-than-expected first-half profit, despite weakness in its automotive business.
Melrose Industries Plc on Thursday warned that weakness in the global automotive market would persist in the second half of the year, but the turnaround specialist said it was confident of trading in line with its expectations this year.
Melrose Industries' hard-fought takeover of British engineer GKN helped to boost 2018 profits at the turnaround specialist and ease analyst concerns about its ability to cope with a slowing global economy and weaker autos markets.
Turnaround specialist Melrose Industries Plc's full-year adjusted pretax profit nearly tripled, boosted by last year's hostile takeover of British engineer GKN.
Turnaround specialist Melrose Industries Plc said on Wednesday it plans to sell its off-highway powertrain applications business Walterscheid Powertrain Group to private equity firm One Equity Partners for about 200 million pounds ($262.7 million).
Turnaround specialist Melrose Industries Plc said on Wednesday it would sell its off-highway powertrain applications business Walterscheid Powertrain Group to One Equity Partners, a U.S.-based private equity firm for about 200 million pounds ($262.68 million).
* NOW ACQUIRED, UNCONDITIONALLY CONTRACTED TO ACQUIRE OR RECEIVED VALID ACCEPTANCES OF OFFER IN RESPECT OF MORE THAN 90 PERCENT OF VALUE OF GKN
Britain's business minister said there were no national security grounds to intervene in turnaround specialist Melrose's <MRON.L> takeover of UK engineering company GKN <GKN.L>, giving the deal the green light from government.
* GKN QUARTERLY SALES 2.599 BILLION STG VERSUS 2.611 BILLION STG YEAR AGO
* MELROSE'S OFFER FOR GKN HAS BECOME UNCONDITIONAL IN ALL RESPECTS
* MELROSE INDUSTRIES PLC - MELROSE HAD RECEIVED VALID ACCEPTANCES REPRESENTING APPROXIMATELY 84.97 PER CENT
* ALL OUTSTANDING CONDITIONS TO GKN OFFER, SAVE FOR ADMISSION CONDITION, HAVE NOW BEEN SATISFIED OR WAIVED
* MELROSE HAS RECEIVED VALID ACCEPTANCES REPRESENTING APPROXIMATELY 81.80 PER CENT. OF VOTING RIGHTS OF GKN
* FMR LLC RAISES STAKE IN MELROSE INDUSTRIES PLC TO 9.8 PCT FROM 7.84 PCT Source text for Eikon: Further company coverage:
Melrose Industries has narrowly clinched an 8 billion-pound takeover of British engineer GKN, winning an acrimonious three-month battle for control of the FTSE 100 company.
The opening salvo in what would become a three-month battle for British engineer GKN <GKN.L> was fired by Melrose's <MRON.L> chief executive over the telephone.
* STOXX 600 up 0.2 pct on the day, down 4.7 pct on the quarter
* GKN surges after Melrose bid acceptance (Adds closing prices)
Melrose Industries has succeeded in its 8 billion pound ($11.22 billion) hostile bid for British engineer GKN after investors holding 52.4 percent of the FTSE 100 company accepted its cash and shares offer.
The three-month battle for GKN will be decided on Thursday when the deadline for shareholders to accept Melrose Industries' 8 billion pound hostile bid expires, ending one of the most closely-contested takeover fights in Britain for years.
Quote and financial data from Refinitiv. Fund performance data provided by Lipper. All quotes delayed a minimum of 15 minutes.