Demerger of GKN Powder Metallurgy, GKN Automotive and GKN Hydrogen businesses complete
April 25, 2023
Dowlais has announced the completion of the earlier reported demerger of the GKN Automotive, GKN Powder Metallurgy and GKN Hydrogen businesses from Melrose Industries PLC.
The ordinary shares of Dowlais (DWL.L) were admitted on April 20, 2023 to the premium listing segment of the Official List of the Financial Conduct Authority (FCA) and to trading on the London Stock Exchange’s main market for listed securities.
On admission to the exchange, the issued share capital of Dowlais consisted of 1,393,273,527 shares with a nominal value of £0.01 each, with all Dowlais shares carrying voting rights of one vote per share.
“We are delighted Dowlais has today joined the London Stock Exchange,” stated Liam Butterworth, Chief Executive Officer of Dowlais. “I would like to extend my thanks to the team at Melrose for their unwavering support over the past five years, during which time we have completely transformed our group of businesses.”
“Dowlais brings together the market leading GKN Automotive and GKN Powder Metallurgy businesses and an exciting opportunity in GKN Hydrogen,” he continued. “We have a clear strategy to create value for our stakeholders by delivering industry leading financial performance, facilitating the world’s transition to electric vehicles through a portfolio of cutting-edge products and accelerating growth through a disciplined M&A strategy.”
Butterworth concluded, “Dowlais looks forward to the opportunities that lie ahead as the UK’s leading listed auto components business, well placed to play its part in transitioning society to a greener future.”
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