GKN workers lobby Parliament to stop hostile takeover bid
Telford MP Lucy Allan joined GKN workers in Westminster today as they lobbied for Government intervention in Melrose's proposed takeover of the engineering giant.
Melrose's £7.4 billion bid for GKN, which has a site at Hadley in Telford, is currently under scrutiny and there are fears that a successful takeover could lead to job cuts and the shifting of parts of the business overseas.
Melrose specialise in operationally improving industrial companies, before selling them on for a profit.
Since learning of the proposed takeover, Ms Allan has sought assurances from the Government on jobs and operations, as well as the pensions of GKN staff both at Telford's Hadley Park and at other UK sites.
She has also made representations, directly, to the Business Secretary Greg Clark during a face-to-face meeting in Parliament and to the Work and Pensions Secretary Esther McVey during Parliamentary questions.
Ms Allan said: "I fully understand how difficult this is for GKN workers. I am committed to fighting to protect their jobs.
"GKN has a proud history and very strong ties to Telford, with several hundred staff currently employed at the Telford site.
"The company are great pioneers of technology, innovation and research, and are industry leaders contributing to the Government's Industrial Strategy.
"It is therefore vital that there are assurances in place to protect GKN pensions and to provide long-term investment in operations and jobs in Telford."
Unite assistant general secretary for manufacturing Tony Burke said: “GKN is a world class manufacturer. It is essential to the government’s industrial strategy and is one of the jewels in Britain’s manufacturing crown.
“In Melrose’s hands, all that would be put at risk and ministers’ plans for the UK to be a leader in electric vehicles could be left in tatters.
“Melrose’s debt-fuelled bid would not happen in France or Germany. Theresa May has said she will act in the national interest. It’s time she did and saved British jobs by ensuring her government stopped the GKN takeover.”