24th Apr 2015 09:57
LONDON (Alliance News) - GKN PLC Friday said its Driveline business has won a contract to supply an all-wheel drive system in China and said its Aerospace arm has secured a deal with Gulfstream Aerospace Corp to supply wing skins for G500 and G600 business jets.
The FTSE 100-listed aerospace and automotive components company said its GKN Driveline business has become the first Tier One supplier for the design, development and manufacturing of all-wheel drive systems to be used on SAIC Motors' new MG GS compact SUV. It will also provide the front wheel-drive system for the car too.
"The pace and sophistication of technology development for AWD models means that OEMs are increasingly looking to develop and source complete cutting-edge AWD systems from specialist Tier Ones," said Andrew Reynolds Smith, GKN Automotive's chief executive.
In a separate deal announced on Thursday, GKN said its Aerospace business will supply the wing skins for the G500 and G600 ultra-long range business jets. Under the long-term contract, GKN will produce the upper and lower wing skins for the development and production aircraft.
"This important new contract reinforces our relationship with Gulfstream and this is a relationship we aim to foster and grow for the long term. This contract also represents a major development in our strategic drive to increase our presence in the business jet market," said Daniele Cagnatel, GKN Aerospace's chief executive.
No financial details were disclosed on either contract.
Shares in GKN were up 0.7% to 365.5 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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