International News
GKN Predicts Military Aircraft Demand To Remain Strong
The Wall Street Journal (2/27, Mcgrath) reports that UK "automotive and aerospace-components maker GKN PLC swung to a net loss in 2008 and warned of a further 2,400 job losses as its markets continue to deteriorate." The group "posted a full-year net loss of £109 million ($154.8 million), compared with a net profit of £196 million a year earlier, even as revenue rose 13% to £4.38 billion from £3.87 billion. GKN booked charges of £153 million for restructuring and £124 million for value adjustments on its investments."
Bloomberg News (2/27, Pirone) adds that GKN "predicted that while military aircraft demand will remain strong, the market for smaller airliners and business jets will decline." Kevin Smith, GKN CEO said that, "in the second half of the year, there may be 'some reduction in production rates for large civil aircraft."
