PM part producer, GKN plc, has reported a positive start to the year, with sales for the group of £1,487 million in Q1, up 14% on last year. The Powder Metallurgy division’s first quarter sales increased 21% to £217 million, benefiting from good growth in North American automotive production and new programme launches in North America and Europe, stated the company.
The global engineering business that serves the automotive, aerospace and land systems markets, stated that market conditions in the first quarter had been broadly as expected, although the tragic events in Japan have had some impact on the automotive sector.
“GKN made good progress in the first quarter and I expect this to continue. GKN has excellent new products and technologies which are aligned with our customers’ desire to have smaller, lighter and stronger components and systems, offering improved efficiency, lower fuel consumption and greater environmental benefits. Our four divisions are well placed to achieve a period of sustainable growth and margin improvement.” stated Sir Kevin Smith, GKN plc’s Chief Executive.
GKN plc has operations in more than 30 countries with around 40,000 employees in subsidiaries and joint ventures, and had sales of £5.4 billion in the year ended 31 December 2010.