GKN Restructuring to Cost 1,000 Jobs

GKN Aerospace announced on 3 September that it is restructuring its business by integrating four existing divisions into one, in an attempt to provide a simpler, more customer-focused model. However, the move will result in 1,000 job losses across the company. GKN Aerospace CEO Hans Büthker said the restructuring is needed to move to a “more...

GKN Aerospace announced on 3 September that it is restructuring its business by integrating four existing divisions into one, in an attempt to provide a simpler, more customer-focused model.

However, the move will result in 1,000 job losses across the company. GKN Aerospace CEO Hans Büthker said the restructuring is needed to move to a “more coherent business structure”, although he admitted that the workforce reduction is “difficult for all involved”.

GKN noted that it has “grown rapidly” over recent years, as turnover of GBP600 million (USD725 million) in 2006 rose to GBP3.5 billion in 2018. The company argued that the new structure will result in better services for its customers and improved operational performance.

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Source: www.janes.com