Ex-GKN boss hits out over 'predictable' hive-off
Ex-GKN boss hits out over 'predictable' hive-off
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The dismantling of GKN after the hostile takeover is 'as predicted', its former boss said. Anne Stevens, who led GKN at the time of Melrose's £8billion swoop, slammed the decision to sell its car parts arm Dowlais to rival American Axle for £1.2billion. Stevens, who now sits on the board of Anglo American, told the Mail: 'It is just as we had predicted. I still believe we had the better strategy for the shareholders and the UK manufacturing sector.'.
After the 2018 takeover, Melrose axed hundreds of jobs as it closed a plant in Birmingham. Hitting out: Anne Stevens led GKN at the time of Melrose's £8billion swoop. It then spun off GKN's automotive division under the name Dowlais while retaining the aerospace business. Now the FTSE 250 firm will leave London's stock market. Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
