£400m wiped off value of manufacturing giant after it reveals claims

£400m has been wiped off the value of engineering group GKN after it revealed it is facing unspecified claims totalling £40m. The global manufacturing group would only say the "commercially sensitive" claims related to GKN Aerospace and GKN Driveline and that it expects it will incur the charges before the end of the year. The claims have caused the Redditch-based group to issue a trading update with reduced profit expectations. In response, its shares were down 9% just after the markets opened, before recovering slightly t... For the full story register now for free or login below...
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