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GKN
Dec 4, 2018 17:15:39 GMT
Post by Deleted on Dec 4, 2018 17:15:39 GMT
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GKN
Dec 4, 2018 17:51:24 GMT
Post by ChrisM on Dec 4, 2018 17:51:24 GMT
Britain is broken, Napoleon was right (in general terms) - we are a nation of shopkeepers, anxious to sell anything for a few quick quid in profit and never looking at the long=term situation.
I read a short while ago about criticism of 2 of the water utility companies who pay their CEO's millions a year, and there wa a quote along the lines of the owners are more interested in making profits and rewarding their Executives that they are in investing in the business to provide better, cheaper service for their customers. Sorry but what else did Thatcher et al expect when they privatised water, electricity, gas etc? The owners first priority is in making money (dividends) for shareholders and not in providing a good service. Perish the thought of where this all ends.......
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GKN
Dec 4, 2018 18:08:09 GMT
Post by Martin on Dec 4, 2018 18:08:09 GMT
That’s a wild generalisation Chris. I work for a business that’s grown (in the UK) between 17-20% a year over the last 3 years and have customers who are investing and doing well. There are plenty of examples of businesses who aren’t, but that’s the case all over the world.
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GKN
Dec 5, 2018 8:10:27 GMT
Martin likes this
Post by johnc on Dec 5, 2018 8:10:27 GMT
I had shares in GKN and didn't want the Melrose takeover but got landed with it regardless. I think the article makes a lot of good points and in a post Brexit UK it will be important to have competitive, cutting edge, innovative companies driving our economy and exports. Takeovers like that of GKN don't do anything for the long term prosperity of the UK in my opinion.
Many other countries have much stricter guidelines and rules on company takeovers which prevent the transfer of ownership of essential businesses or the new owner to be based outside that country. I don't think it would do any harm to have a bit more protection for companies which are successful and important to the country as a whole. GKN was on the front line of electric car development and I thought had massive potential: I would have liked to see it being protected in some way.
My best friend's first job out of University was work for Glasgow based Howden Engineering who were the world leaders in windmill/windfarm technology and had large windfarms in California. He was back and forth to USA as an engineer on the turbines but due to the recession in the mid to late 80's, Howdens had to sell their windmill division to a Danish company because the Government and others wouldn't give them some financial assistance. Now the Danes are world leaders in windmill technology and my friend has made millions working elsewhere in California.
I am all for the free market but sometimes some help and guidance from those who know what they are doing (i.e. not Politicians) might benefit the country in the long term.
I also agree with Martin that there are many UK based companies doing very well but I would like to see our engineering brilliance coming to the fore again and driving the country.
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GKN
Dec 5, 2018 8:51:34 GMT
Post by Bob Sacamano v2.0 on Dec 5, 2018 8:51:34 GMT
Britain is broken, Napoleon was right (in general terms) - we are a nation of shopkeepers, anxious to sell anything for a few quick quid in profit and never looking at the long=term situation. I read a short while ago about criticism of 2 of the water utility companies who pay their CEO's millions a year, and there wa a quote along the lines of the owners are more interested in making profits and rewarding their Executives that they are in investing in the business to provide better, cheaper service for their customers. Sorry but what else did Thatcher et al expect when they privatised water, electricity, gas etc? The owners first priority is in making money (dividends) for shareholders and not in providing a good service. Perish the thought of where this all ends....... Nothing wrong in being a nation of shopkeepers; Napoleon was being highly complimentary about England, pointing out that a small nation, without a large population, army, or huge natural resources, had taken control of the seas and built great wealth and strength on being merchants. As for water, electricity, gas and railways etc, you'll never convince me that Governments should have any part in running these services, or would be successful doing so. In fact, the lack of investment in these services during successive Governments is what has got them in the state they are in now. Sensible regulation is the key.
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GKN
Dec 5, 2018 10:21:52 GMT
Post by ChrisM on Dec 5, 2018 10:21:52 GMT
Britain is broken, Napoleon was right (in general terms) - we are a nation of shopkeepers, anxious to sell anything for a few quick quid in profit and never looking at the long=term situation. I read a short while ago about criticism of 2 of the water utility companies who pay their CEO's millions a year, and there wa a quote along the lines of the owners are more interested in making profits and rewarding their Executives that they are in investing in the business to provide better, cheaper service for their customers. Sorry but what else did Thatcher et al expect when they privatised water, electricity, gas etc? The owners first priority is in making money (dividends) for shareholders and not in providing a good service. Perish the thought of where this all ends....... Nothing wrong in being a nation of shopkeepers; Napoleon was being highly complimentary about England, pointing out that a small nation, without a large population, army, or huge natural resources, had taken control of the seas and built great wealth and strength on being merchants. As for water, electricity, gas and railways etc, you'll never convince me that Governments should have any part in running these services, or would be successful doing so. In fact, the lack of investment in these services during successive Governments is what has got them in the state they are in now. Sensible regulation is the key. I think the lack of investment/funding is what led the government to sell them off anyway, they couldn't afford to give the industries what they needed so thought that the best way was to sell them off then let the new owners borrow money from the banks to fund what the government wasn't prepared to fund itself. It's a shame that the profit element couldn't be limited so that consumers don't feel ripped off by the profits plus huge salaries/bonuses paid to those at the top - but then if profits were legally limited, chances are that would have restricted the number of interested purchasers
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GKN
Dec 5, 2018 12:47:54 GMT
Post by Tim on Dec 5, 2018 12:47:54 GMT
That article is over 6 months old. Wasn't part of the deal a legally binding commitment NOT to asset strip? Anyway GKN were looking at divesting themselves of some divisions.
Elsewhere Shire - the pharma company - are going to be the subject of a £46 Billion takeover by a Japanese competitor. Perhaps huge deals like that could be reviewed more closely, I'm not sure that if the roles were reversed the Japanese Govt would allow it to go ahead.
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GKN
Dec 5, 2018 13:10:12 GMT
Post by johnc on Dec 5, 2018 13:10:12 GMT
I'm not sure that if the roles were reversed the Japanese Govt would allow it to go ahead. Exactly my point. Try buying a successful German company - the authorities will almost certainly stop it but in reverse, everything in the UK is up for sale!
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GKN
Dec 5, 2018 16:40:31 GMT
Post by Big Blue on Dec 5, 2018 16:40:31 GMT
I'm not sure that if the roles were reversed the Japanese Govt would allow it to go ahead. Exactly my point. Try buying a successful German company - the authorities will almost certainly stop it but in reverse, everything in the UK is up for sale! That's why many Americans consider the whole of the EU to be a Communist state.
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GKN
Dec 5, 2018 17:09:49 GMT
Post by Deleted on Dec 5, 2018 17:09:49 GMT
At one stage one of our defence contractors (I forget who now) owned Heckler. The Germans demanded it be sold back to a German company and got it done. Many times we have quietly acquiesced to the rules while other in the eu flout them.
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GKN
Dec 5, 2018 17:39:37 GMT
Post by Bob Sacamano v2.0 on Dec 5, 2018 17:39:37 GMT
At one stage one of our defence contractors (I forget who now) owned Heckler. The Germans demanded it be sold back to a German company and got it done. Many times we have quietly acquiesced to the rules while other in the eu flout them. Er, no they didn't and no it wasn't. H&K was divested by BAE Systems after the Marconi merger and sold to a couple of private individuals, both of whom live in London (and other places round Europe) and one is the son of a British Army officer.
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GKN
Dec 5, 2018 20:52:56 GMT
Post by Deleted on Dec 5, 2018 20:52:56 GMT
Pardon me, I know there was a news report saying that but perhaps am having a session of brain fade.
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GKN
Dec 7, 2018 11:01:39 GMT
Post by Bob Sacamano v2.0 on Dec 7, 2018 11:01:39 GMT
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GKN
Dec 7, 2018 11:27:38 GMT
Post by Deleted on Dec 7, 2018 11:27:38 GMT
Well, at least the sunday paper round will be well staffed.
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GKN
Dec 8, 2018 17:10:56 GMT
Post by Stuntman on Dec 8, 2018 17:10:56 GMT
Well, I still work at GKN (note: not for GKN, but at GKN.) Of their 3 main divisions, Powder Metallurgy is being sold as soon as Melrose can find a buyer, Aerospace is being separated, and Automotive now has a newly-appointed CEO who will oversee another restructure and delayering (there have already been 2 significant rounds of redundancies since the Melrose acquisition in April). The Redditch HQ office is being sold. Powder Metallurgy moved out this week, Aerospace will be gone before Christmas and the remaining 'Group' staff left last month. There are about 50 Automotive people still there, including 2 contractors of which I am one.
It's a sad and desolate place at the moment with a complete absence of leadership and communication. Yes, I'm working on some interesting stuff, but many people don't really care enough about it and everyone's future is once again uncertain. And yet - there are some very smart and talented people there still, the products and technologies are really good and GKN still appears to have an excellent reputation in the marketplace with its current and potential customers.
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GKN
Dec 9, 2018 9:29:16 GMT
via mobile
Post by Alex on Dec 9, 2018 9:29:16 GMT
Just proves what a shame it is that we let such great businesses be treated in this way just so a load of city hedge fund and capital management bosses can have an even bigger bonus. Thousands of skilled jobs lost but trebles all round down the Wharf
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GKN
Dec 9, 2018 11:05:04 GMT
Post by Deleted on Dec 9, 2018 11:05:04 GMT
I don't see the culture changing, too many greddy buggers out there getting what they want. Who is to stop them?
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