Bob's comments on GKN

Island MP Bob Seely has told Parliament he is concerned about the proposed takeover of engineering firm GKN which has a facility in East Cowes.

Speaking in a debate about the possible acquisition of the business by Melrose, Bob told MPs: “In many cases Melrose aims to own businesses for only between three and five years, and during that time seeks to maximise shareholder value, selling on the parts of those businesses that it sees as underperforming, sometimes without regard to the long-term benefit of the business and its individual plants.

“Therefore, a takeover by Melrose may mean a break-up of GKN.”