A BOARD RESTRUCTURING at engineering group GKN has seen finance director Adam Walker take on responsibility for its land systems division.
Walker, who has served at the FTSE 100 automotive and aerospace parts business since 2014, will oversee Land Systems as roles change following the departure of automotive boss Andrew Reynolds Smith in September. Reynolds Smith’s Driveline business passes over to Phil Swash, and Swash’s Land Systems role is handed on to Walker.
No stranger to profit centre responsibilities, Walker headed Informa’s events division while serving as FD – his role prior to joining GKN. He earlier spent seven years at National Express, five years of those as FD.
GKN reported that sales marginally increased over the last six months, by 1%, with reported profit before tax at £212m, down from £224m for the corresponding period a year earlier. Its EPS increased by 1%, impacted by an increased tax rate of 24%, from 22%.
Its performance was described as “solid” by GKN chief executive Nigel Stein.
GKN has acquired Fokker Technologies for €706m (£499m) from Arle Capital, the aerospace supplier HQed in Holland. GKN said the deal cemented its “global leadership position”.
Funding for the deal has come from a £200m equity placing, representing approximately 4% of the company’s market capitalisation, and using its existing debt facilities.