GKN’s 2011 results show that the UK based engineering giant achieved a 2% rise in profits, with group sales up £683 million (13%) to £6.1 billion, an underlying increase of 10%.
GKN’s Powder Metallurgy business achieved sales of £845 million, a rise of 13% on 2010. Around 75% of GKN’s Powder Metallurgy sales are to the automotive market, with the balance to other industrial customers.
Nigel Stein, Chief Executive, GKN plc, stated, “2011 was a year of good growth. GKN achieved a strong financial performance with all four divisions at or near record profits. Each division has leading technology and market positions and out-performed their respective markets, with a strong pipeline of new business. GKN Driveline and GKN Land Systems were further strengthened with the two highly complementary acquisitions of Getrag Driveline Products and Stromag.”
“Looking forward, GKN expects 2012 to be another year of good progress for the Group.”
In its outlook for the automotive sector, GKN cites external forecasts that suggest global light vehicle production should grow 5% with increases in Asia and North America but Europe down.
Against this background, GKN Driveline and GKN Powder Metallurgy are expected to show further improvement, although the rate of market outperformance will be lower than in 2011.
Edited by: Paul Whittaker, Editor ipmd.net, [email protected]