Agco Corporation said GKN’s plans to team up with Dana would be good for the industry
The battle to save engineer GKN received a further boost yesterday as another customer came out in its support.
US engineer Agco Corporation, which makes tractors and other agricultural equipment, said GKN’s plans to team up with US ally Dana would be good for the industry.
GKN is fighting off a hostile £8.1billion bid from City turnaround firm Melrose, and plans to sell its automotive division to Dana to create a new company listed in New York and London.
Agco, which owns manufacturer Massey Ferguson, said: ‘A combined Dana and GKN Driveline would create a premier supplier that would take a long-term approach to the business and also accelerate advancements in vehicle drive systems and electric propulsion.’
It comes after GKN’s biggest customer, Airbus, said it would find it ‘practically impossible’ to give GKN new work under Melrose’s ownership.
Shareholders have until March 29 to decide the future of 259-year-old GKN.