Melrose to demerge GKN businesses

Melrose plc, which owns GKN, has announced plans to demerge its GKN Automotive, GKN Powder Metallurgy and GKN Hydrogen businesses into a new independent holding company called Dowlais Group.

Completion is expected on 20 April 2023.

Revenue for the three business was £5,234 mn in 2022 and £4,720 mn in 2021. 

“We are delighted with these results, and everything is on track for the demerger,” said Justin Dowley, Melrose chairman. “We consider a restructured aerospace business to be one of the best businesses Melrose has ever owned. We are confident that a combination of restructured and refocused high-class engines and structures businesses, and overall aerospace market recovery, positions these businesses for a significantly better than expected performance in 2023 and beyond.”