UK’s Melrose plants to spin off GKN auto business

Melrose Industries (MRON.L), the turnaround specialist that owns British engineer GKN, said on Thursday it plans to separate GKN Automotive and GKN Powder Metallurgy businesses from the group, and list the new holding company.

GKN, which supplies parts to carmakers including Volkswagen, components to aircraft such as the Eurofighter Typhoon and made Spitfires during the Second World War, was taken over by Melrose in 2018 for 8 billion pounds ($9.21 billion).

($1 = 0.8684 pounds)