GKN says that it contributed US$5 billion to the US economy in 2015, helping sustain 42,000 jobs in the region, and £1.3 billion to the UK economy in the same year.
According to the study by Oxford Economics the company’s US operations directly contributed US$1.34 billion, and GKN and its employees paid US$264 million to the US Federal State and tax authorities during the year. GKN’s supply chains contributed US$1.72 billion with the Group purchasing more than US$2.31 billion in goods and services from US suppliers.
The UK operations directly contributed £328 million, and GKN and its employees paid £174 million in tax during the year. GKN’s supply chains contributed £428 million with the group purchasing more than £500 million in goods and services from UK suppliers.
The company invested US$60 million in research and development in the US during the year, with a total estimated US R&D contribution of US$119 million since 2000, while UK operations invested £85 million in R&D, with nearly 650 employees working on R&D projects. The report estimated that since 2000 GKN has invested a total of £561 million in R&D in the UK alone.
Oxford Economics used a modelling approach to capture how the group’s global activities supported economic activity in the UK in a report published in Q1 2017.
This story is reprinted from material from GKN, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.
