Latest News

MP SIGNS JOINT LETTER EXPRESSING CONCERNS OVER POSSIBLE GKN TAKEOVER

Island MP Bob Seely has signed a joint letter with parliamentary colleagues expressing concern engineering firm GKN, which has a facility in East Cowes, could be taken over.

Bob said he fears Melrose, who want to buy GKN, could break up the company and sell it off at a profit – a move that might cost jobs and expertise on the Island.

GKN is a world leader in aerospace engineering including manufacturing parts for the F-35 stealth fighter and the new B-21 bomber. It is a British success story with a global reach.

Article continues below this advertisment

Speaking this week, Bob has said:

“This is a concerning development for GKN and for its operation on the Island and I fear we could lose, not only important jobs, but also vital high-tech expertise, if Melrose gets its way.

“There is also an issue with the deficit in GKN’s defined benefits pensions scheme, which is a worry for staff and former staff that needs to be looked at.

“I am pleased the Defence Secretary he said he has ‘very serious concerns about the proposed takeover’ and other government departments are looking at the deal too. We need to make a case for keeping GKN as it is – as an independent British company and I support those aims.”

Section 58 of the 2002 Enterprise Act allows for the Secretary of State to intervene in mergers where they give rise to certain specified public interest concerns, including issues of national security.

Comment on this story

News, Traffic & Travel Tweets