Institutional Update: Aerostructures: A tale of two cities
A visit to two of GKN’s flagship aerospace sites highlighted both positives (skills in complex subassemblies constructed from especially challenging materials, and supply chain management) and negatives (the burden of building up volume and reducing quality problems on the A350 and A400M wing spars). Our key conclusions are that very high levels of work in progress suggest some risk to 2014e cash flow, but this could reverse faster than expected in 2015e. In the near term, we think GKN has its work cut out to address the ongoing quality, rate and production issues at the two sites to Airbus’s full satisfaction, despite that company’s conflicted position as both end-customer and supplier of major components.GKN plc is a global engineering company. The Company is engaged in the design, manufacture and service of systems and components for original equipment manufacturers. The Company operates in four segments: GKN Aerospace, GKN Driveline, GKN Powder Metallurgy and GKN Land Systems. The GKN Aerospace segment is a supplier of airframe and engine structures, landing gear, electrical interconnection systems, transparencies and aftermarket services. The GKN Aerospace segment is a supplier of airframe and engine structures, landing gear, electrical interconnection systems, transparencies and aftermarket services. The GKN Powder Metallurgy segment is a manufacturer of sintered components and a producer of metal powder. The GKN Land Systems segment is a supplier of power management products and services. It designs, manufactures and supplies products and services for the agricultural, construction and utility vehicle markets and industrial segments.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.