has a wheels and structures plant at the Hadley Castle Works in Telford, whose employees are not expected to be impacted by the announcement.
Aerospace to reorganise to become more customer-focused and improve operational performance
Aerospace is a world leading global tier one supplier of airframe and engine structures, components, assemblies and transparencies to a wide range of aircraft and engine prime contractors and other tier one suppliers.
The new facility includes all three GKN
Powder Metallurgy businesses, Hoeganaes, GKN
Sinter Metals and GKN
It maintained the RWN on the 'BB+' IDR of GKN
's UK-based subsidiary, GKN
Aerospace Services Limited (GASL).
was purchased by Melrose in March, in a deal worth GBP 8bn (USD 11.03bn).
Melrose last week succeeded in its bid to buy Redditch-based GKN
for PS8.1 billion after securing the backing of the engineering giant's shareholders.
Melrose chairman Christopher Miller said in a statement: "We are delighted and grateful to have received support from GKN
shareholders for our plan to create a UK industrial powerhouse with a market capitalisation of over PS10 billion and a tremendous future.
, based in Redditch, is set to discover whether investors have accepted a hostile takeover proposal from Birminghambased Melrose Industries.
investors have until 1pm on Thursday to cast their ballots on the controversial deal and the result will come following months of acrimony between the duo, with politicians also chiming in to blast the proposed tie up.
hit out at Melrose after the turnaround specialist stepped up its battle on Monday, offering to inject up to PS1bn into GKN
's pension scheme.
The Birmingham-based investor lodged a second bid yesterday which valued GKN
at [pounds sterling]8.1 billion.