|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's Range||2.8200 - 2.8200|
|52 Week Range||1.4000 - 2.9000|
|Beta (3Y Monthly)||2.04|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Turnaround specialist Melrose Industries Plc said on Tuesday that a strike at U.S. automaker General Motors dented sales at its automotive and powder metallurgy units for four months. The car parts division of the GKN business that Melrose bought last year counts Volkswagen, GM and Ford among its customers. It also said initial steps to reduce working capital in GKN were being implemented.
Moody's Investors Service ("Moody's") has today upgraded to Ba1 from Ba2 the senior unsecured debt ratings of the British multinational automotive and aerospace components manufacturer GKN Holdings Limited (GKN), which is owned by Melrose Industries plc (Melrose). Concurrently, Moody's has withdrawn GKN's corporate family rating (CFR) of Ba1, the (P)Ba2 senior unsecured MTN programme rating and the probability of default rating (PDR) of Ba1-PD. "The upgrade of GKN's instrument ratings reflects the elimination of the structural subordination of the instruments due to the parental guarantees provided by Melrose." says Matthias Heck, a Moody's Vice President -- Senior Credit Officer and Lead Analyst for GKN.
The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines Melrose Industries to invest more than £250m in electric ...
NMC Health and insurers Aviva and Admiral all slipped after earnings reports. The FTSE 100 was down 0.5 percent, while the FTSE 250 gave up 0.9 percent and was on track for its worst week in more than two months.
The company narrowly clinched an 8 billion-pound takeover of GKN in March last year, pulling off Britain's biggest hostile bid since Kraft pounced on confectionery giant Cadbury in 2009. The company reported adjusted operating profit excluding GKN's loss-making contracts of 784 million pounds for last year, 5 percent ahead of JP Morgan estimates. "The beat (was) despite the market's concern on the end market development, notably in automotive, and speaks to the impact management actions are already having at GKN," said JP Morgan analysts, who have an "overweight" rating on the stock.
(Reuters) - Turnaround specialist Melrose Industries Plc said on Wednesday it plans to sell its off-highway powertrain applications business Walterscheid Powertrain Group to private equity firm One Equity ...