By Kari Williamson
GKN also recorded an overall profit before tax of £417m, up 15% on 2010, despite a £19m charge relating to the temporary Hoeganaes plant closure in Gallatin, USA.
Nigel Stein, GKN CEO, comments on the group results: “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.”
He adds: “Looking froward, GKN expects 2012 to be another year of good progress for the group.”
Automotive growth in Asia, North America
GKN says global growth in light vehicle production is expected to reach 5% in 2012, with increases in Asia and North America, although Europe is expected to see a decline.
This could lead to further growth for GKN's Driveline and Powder Metallurgy divisions, although the rate of market out-performance is expected to be lower than in 2011.
In the aerospace industry, the group expects the continued growth in civil aircraft to more than offset anticipated reductions in US military aircraft demand.
2011 sales by division
- Driveline: £2678m, +10%
- Powder Metallurgy: £845m, +11%
- Aerospace: £1481m, +2%
- Land Systems: £847m, +21%
