Dowlais Group

Dowlais Group plc
Company typePublic
LSE: DWL
IndustryAutomotive and powder metallurgy
Founded2023; 1 year ago (2023)
HeadquartersLondon, England
Key people
Simon Mackenzie Smith (Chairman)
Liam Butterworth (CEO)
RevenueIncrease £4,864 million (2023)[1]
Decrease £(450) million (2023)[1]
Decrease £(495) million (2023)[1]
Websitewww.dowlais.com

Dowlais Group plc is a British company operating in the automotive and powder metallurgy industries. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.[2]

History

In March 2023, Melrose Industries announced that it would demerge GKN Automotive and GKN Powder Metallurgy from GKN as Dowlais Group.[3] The name selected, "Dowlais Group", was intended to evoke the Dowlais Ironworks where GKN licensed the Bessemer process, using it to produce steel, in 1865.[4]

GKN Automotive has its origins in the J. W. Garrington, which specialised in forgings; the forgings produced at the Garrington Darlaston plant, later supplemented by a large plant at Bromsgrove, enabled GKN to become a major supplier of crankshafts, connecting rods, half-shafts and numerous smaller forged components to the UK auto-industry, which had a period of massive expansion during the interwar period and beyond.[5] A new plant was established near Wellington, Shropshire, which was devoted to wheel production, and in the 1960s, the company became a manufacturer of constant-velocity joints, which are used to transfer the engine's power to the wheels.[5]

GKN Powder Metallurgy has its origins in Hoeganaes Corporation (HC) in North America, which GKN acquired in 1998.[6]

The demerger was completed on 20 April 2023.[7]

References

  1. ^ a b c "Annual Results 2023" (PDF). Dowlais Group. Retrieved 21 March 2024.
  2. ^ "Melrose Industries (UK): Demerger of Dowlais Group (UK): Changes in FTSE UK Index Series". FTSE Russell. 20 April 2023. Retrieved 20 April 2023.
  3. ^ "Melrose sets GKN demerger in motion". Investors' Chronicle. 10 March 2023. Retrieved 15 April 2023.
  4. ^ Franks, Julian; Mayer, Colin; Rossi, Stefano (1 December 2002). The Origination and Evolution of Ownership and Control (PDF). London Business School. p. 19.
  5. ^ a b Turner, Philip (10 May 1969). "Making the most of it Or – are you driving a GKN?". Motor. pp. 58–60.
  6. ^ "GKN pays pounds 335m for US metal components firm". The Independent. 8 December 1998. Retrieved 15 April 2023.
  7. ^ "Melrose set for Dowlais demerger". UK Investor Magazine. 10 April 2023. Retrieved 15 April 2023.