GKN Aerospace2008-07-13 14:31:02

GKN Aerospace 2007/8 business wins exceed USD2.5bn - All 2007 growth targets met or exceeded.

In the 18 months since the beginning of 2007 GKN Aerospace gained new business with a value over USD2.5bn. By the end of 2007 the Company had reached its 5 year target declared in 2002, of doubling turnover to exceed USD2bn.

"Since 2002 our Company has achieved average annual growth of around 20% per year, in part through organic growth and in part through completing a series of carefully planned strategic acquisitions." comments Marcus Bryson, Chief Executive Officer of GKN Aerospace. "Today we are a truly balanced business, with global interests and activities across defence and civil aviation." he continues, "By 2017 we aim to double sales again to reach USD4bn, which we believe will give us the operating scale necessary to allow us to make a real difference in the global aerospace industry."

Key business wins over 2007/8 have included: an important package of work on the A350 including the wing spars and trailing edge; the design and development of the aft transition section of the Sikorsky CH-53K fuselage; the supply of blended winglets for the Boeing 737 (manufacture) and for the B-767 (design and manufacture); and the design and manufacture of the complete composite fuselage for the HondaJet. The Company has also continued its extensive involvement with the Northrop Grumman X47B UAV, for which it produces much of the outer fuselage.

Bryson continues: "These are just a few of the notable business gains we have made and are a clear illustration of our level of involvement with many of the most challenging new airframe programmes of today. In fact, the value of our participation on most if not all of today's leading aircraft programmes well exceeds USD1m per aircraft ship set."

The GKN Aerospace long term business plan focuses around its three core business areas.
Aerostructures represents just over 55% of the total business with propulsion systems at 27%. The remaining 18% covers a number of specialist product areas and includes:
transparencies, where the Company has a global lead in both military and civil sectors; electro-thermal ice protection, where GKN Aerospace is pioneering the systems technology; and emergency flotation and flexible fuel systems, both areas where the Company has a market lead and has introduced major new technological innovations this year.

In aerostructures, since the late 1990's GKN Aerospace has been a driving force in extending the use of lightweight, high performance composites in the airframe. A key goal for the Company now is to bring the benefits of these composites into the aero-engine environment. Having successfully developed and tested an early composite fan blade under the European Union VITAL research programme, GKN Aerospace has now entered into a Joint Venture with Rolls-Royce to continue to investigate the application of composite materials to aero-engine fan blades.

Bryson comments: "This development JV activity will work towards effective automated manufacturing techniques for fan blades that will achieve a genuine advance in propulsion systems technology and move us towards a lighter, more environmentally efficient aero-engine."

The Company's recent acquisition of Teleflex Aerospace Manufacturing Group (TAMG) was completed in June, 2007 and boosted the Company's propulsion systems operation - which is now over 25% of the total sales. This purchase extended the Company's metallics manufacturing experience, taking the operation into the hot and rotating areas of the engine and bringing in extensive ECM expertise.

Bryson states: Although there are undoubtedly challenges ahead, we are a sound engineering-led company focused on developing products that improve performance, reduce fuel consumption, limit emissions and cut maintenance - all critical factors for aerospace, looking ahead. Through the sheer hard work, commitment and persistence of our team we have created today's clearly focussed company with its strong business portfolio."

"We intend to remain on this path, developing new technologies and innovations with real performance benefits in mind, evolving with care and planning to anticipate true industry needs. Whatever the challenges, I believe the 2017 goals for our business are clearly in sight."

GKN Aerospace is the aerospace operation of GKN plc (LSE:GKN), one of the world's largest engineering companies. GKN Aerospace serves a global customer base with some 8500 personnel operating in North and South America, Australia, the Asia Pacific and Europe and offering 24 hour 'follow the sun' engineering. With sales of GBP1bn (USD2bn), the business is focused around three major product areas - aerostructures, propulsion systems and transparencies, plus a number of specialist product areas - electro-thermal ice protection, fuel and flotation systems, and bullet resistant glass. The business is equally split along military and civil lines with participation on all major aircraft programmes today exceeding USD1m per ship set. GKN Aerospace is a major supplier of complex composite structures; offers one of the most comprehensive capabilities in high performance metallics processing and is the world leading supplier of cockpit transparencies and passenger cabin windows.

For more information contact:
Ferry Rd
East Cowes
Isle of Wight
PO32 6RA
United Kingdom
Tel:     +44 (0)1983 283649


 


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