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GKN to invest 12 million sterling in plants
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9 August 2012
LONDON (Reuters) - British engineer GKN said on Friday it would invest over 12 million pounds to increase capacity at its Birmingham and Telford facilities in central England to support its role as a supplier to automotive brands.
'The UK is proving itself to be a strong automotive performer with a high proportion of exports. The success of our customers and their demand for GKN technology has meant we are now investing to increase capacity,' said GKN Chief Executive Nigel Stein.
The group's GKN Driveline plant in Birmingham supports UK-based automotive marques: Jaguar Land Rover, Toyota, Nissan, Honda, Bentley and Lotus. In addition, the facility supplies firms such as Renault, Fiat and Volvo.
Its GKN Land Systems plant in Telford is investing in new manufacturing equipment for the production of components for the new Range Rover Sport.
Last month, GKN said first-half profit rose by a third, driven by strong growth at its automotive business on the back of robust luxury car sales.
Shares in the firm closed on Thursday at 216 pence, valuing the business at 3.5 billion pounds.
($1 = 0.6396 British pounds)
(Reporting by James Davey; Editing by Leslie Gevirtz)
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