Spitfire firm’s new owners must save British jobs, says mayor

A REGIONAL chief yesterday called for a meeting with the new owner of historic British engineering firm GKN, in a bid to protect jobs.

Andy Street, the West Midlands’ Tory mayor, asked to meet directors of manufacturing giant Melrose after shareholders at GKN, which once made the Spitfire, agreed to a £8.1billion hostile takeover.

Mr Street said: “The result of today’s vote is now known.

“However, the real decisions on the future of the company are still to be made.

“Therefore I’m asking the new owners for an early meeting to ensure their commitments to the West Midlands are honoured. That means protecting current jobs, pensions and future investment in research and development.”

Melrose chairman Christopher Miller has pledged to create “a UK industrial powerhouse with a market capitalisation of over £10billion and a tremendous future”.

But Labour says the takeover will threaten Britain’s engineering future and hundreds of jobs. Jack Dromey, GKN once made Spitfires

Labour MP for Birmingham Erdington, where GKN is based, described it as “a bleak day for British industry”. He said: “Yet again – as in the Kraft takeover of Cadbury – we have seen a jewel in the crown of British industry sold off because its shares were bought up by hedge funds. “To let a 259-year-old British engineering icon like GKN be taken over by a short-termist, asset-stripper like Melrose is a monumental failure by ministers. “However, the Government still has the power to intervene to block the hostile takeover on defence and national security grounds. It should do so in the British national interest.”