Latest news with #GKNAutomotive
Yahoo
5 days ago
- Automotive
- Yahoo
GKN Automotive continues to drive progress towards its net zero 2045 target
Key highlights from GKN Automotive's Sustainability Progress Report 2024 LONDON, June 05, 2025 (GLOBE NEWSWIRE) -- GKN Automotive, the global leader in drive systems, today launched its Sustainability Progress Report 2024, which showcases the company's continued progress across all areas of its sustainability strategy. In January 2024, GKN Automotive's near- and long-term carbon reduction targets were approved by the Science Based Targets initiative (SBTi), while it reduced its total direct CO2e emissions (Scope 1 and 2) by 30% versus the previous year. Dr. Clare Wyatt, Chief People, Communications and Sustainability Officer at GKN Automotive, said: 'As the global leader in drive systems and trusted partner to 90% of the world's global automotive manufacturers, we have a critical role in ensuring that we are reducing our environmental footprint, while having a positive impact on the lives of our employees and communities in which we operate. Our continued resilience and future growth are reliant on our long-term commitment to embedding sustainability at the heart of our operations to drive a cleaner, more sustainable world.' The organisation also launched a global philanthropic science, technology, engineering, and mathematics (STEM) programme across three strategically important locations, Poland, Mexico, and India, to support hands-on educational opportunities for over 1,000 children and develop tomorrow's engineers. Further highlights across the four pillars of its sustainability strategy - Climate Action, Our Impact, Responsible Sourcing and Our People - include: Climate Action: Signed a Virtual Power Purchase Agreement (VPPA) with Recurrent Energy to cover 65% of the company's European electricity load from 2026, while developing net zero action plans for its top 20 sites, ranked by GHG emissions, to continue to drive progress on its net zero ambitions Our Impact: 85% of GKN Automotive's research and development spend contributed to the decarbonisation of the sector, while 86% of its sites had local charitable relationships and as a business, it made a total of £740,000 in charitable cash donations in 2024, maintaining its contributions versus the previous year Responsible Sourcing: Following the introduction of the Supplier Assessment Questionnaire (SAQ) platform to strengthen its sustainable procurement practices in 2023, 80% of GKN Automotive's direct material spend is now covered by supplier assessment questionnaires, while 78% of steel is now procured from electric arc furnaces Our People: Achieved a 0.1% accident frequency rate, while 98% of eligible employees completed annual performance reviews, reinforcing the business' commitment to ongoing employee development. The Tier One supplier, which is the trusted partner of 90% of the world's global automotive manufacturers, has also announced the expansion of its responsible sourcing targets to include: 95% of supplier spend required to be with partners to be SAQ rating of 'C' or above; 50% of supplier spend to have SBTi accredited emission reduction targets; and 90% of steel to be sourced from electric arc furnaces (EAFs). Tom Salisbury, Director of Sustainability at GKN Automotive, said: 'There is continuing demand from our customers to consistently improve the sustainability of our products, processes, and operations, and we are actively partnering with them across the business to drive this forward. Our focus has been on Scope 1 and 2 reductions to achieve our aim of decarbonising our operations and value chain and we are proud of the progress made to date.' In November 2024, the company was awarded a prestigious EcoVadis Gold rating, placing it in the top 1% of participants in the automotive category and further building on the successes of its Silver rating in 2023 and Bronze in 2022. ABOUT GKN AUTOMOTIVE: GKN Automotive is the global leader in drive systems and trusted partner to 90% of the world's global automotive companies. It specialises in market-leading propulsion agnostic drive system technologies, from sideshafts to advanced torque management systems and devices, with core capabilities in systems integration. The business has a clear purpose to 'drive a cleaner, more sustainable world' and is committed to leading the transition to net zero whilst delivering ambitious sustainability goals related to its people, its approach to responsible sourcing and the impact it has on local communities around the world. GKN Automotive is at the forefront of innovation, with origins dating back to 1759. Today, it operates in 21 countries employing around 24,000 people across its core business and joint ventures and is part of Dowlais Group plc, a specialist engineering group focused on the automotive sector. Contact: Shona Inglis, email: gknautomotive-comms@ A photo accompanying this announcement is available at in to access your portfolio
Yahoo
5 days ago
- Automotive
- Yahoo
GKN Automotive continues to drive progress towards its net zero 2045 target
Key highlights from GKN Automotive's Sustainability Progress Report 2024 LONDON, June 05, 2025 (GLOBE NEWSWIRE) -- GKN Automotive, the global leader in drive systems, today launched its Sustainability Progress Report 2024, which showcases the company's continued progress across all areas of its sustainability strategy. In January 2024, GKN Automotive's near- and long-term carbon reduction targets were approved by the Science Based Targets initiative (SBTi), while it reduced its total direct CO2e emissions (Scope 1 and 2) by 30% versus the previous year. Dr. Clare Wyatt, Chief People, Communications and Sustainability Officer at GKN Automotive, said: 'As the global leader in drive systems and trusted partner to 90% of the world's global automotive manufacturers, we have a critical role in ensuring that we are reducing our environmental footprint, while having a positive impact on the lives of our employees and communities in which we operate. Our continued resilience and future growth are reliant on our long-term commitment to embedding sustainability at the heart of our operations to drive a cleaner, more sustainable world.' The organisation also launched a global philanthropic science, technology, engineering, and mathematics (STEM) programme across three strategically important locations, Poland, Mexico, and India, to support hands-on educational opportunities for over 1,000 children and develop tomorrow's engineers. Further highlights across the four pillars of its sustainability strategy - Climate Action, Our Impact, Responsible Sourcing and Our People - include: Climate Action: Signed a Virtual Power Purchase Agreement (VPPA) with Recurrent Energy to cover 65% of the company's European electricity load from 2026, while developing net zero action plans for its top 20 sites, ranked by GHG emissions, to continue to drive progress on its net zero ambitions Our Impact: 85% of GKN Automotive's research and development spend contributed to the decarbonisation of the sector, while 86% of its sites had local charitable relationships and as a business, it made a total of £740,000 in charitable cash donations in 2024, maintaining its contributions versus the previous year Responsible Sourcing: Following the introduction of the Supplier Assessment Questionnaire (SAQ) platform to strengthen its sustainable procurement practices in 2023, 80% of GKN Automotive's direct material spend is now covered by supplier assessment questionnaires, while 78% of steel is now procured from electric arc furnaces Our People: Achieved a 0.1% accident frequency rate, while 98% of eligible employees completed annual performance reviews, reinforcing the business' commitment to ongoing employee development. The Tier One supplier, which is the trusted partner of 90% of the world's global automotive manufacturers, has also announced the expansion of its responsible sourcing targets to include: 95% of supplier spend required to be with partners to be SAQ rating of 'C' or above; 50% of supplier spend to have SBTi accredited emission reduction targets; and 90% of steel to be sourced from electric arc furnaces (EAFs). Tom Salisbury, Director of Sustainability at GKN Automotive, said: 'There is continuing demand from our customers to consistently improve the sustainability of our products, processes, and operations, and we are actively partnering with them across the business to drive this forward. Our focus has been on Scope 1 and 2 reductions to achieve our aim of decarbonising our operations and value chain and we are proud of the progress made to date.' In November 2024, the company was awarded a prestigious EcoVadis Gold rating, placing it in the top 1% of participants in the automotive category and further building on the successes of its Silver rating in 2023 and Bronze in 2022. ABOUT GKN AUTOMOTIVE: GKN Automotive is the global leader in drive systems and trusted partner to 90% of the world's global automotive companies. It specialises in market-leading propulsion agnostic drive system technologies, from sideshafts to advanced torque management systems and devices, with core capabilities in systems integration. The business has a clear purpose to 'drive a cleaner, more sustainable world' and is committed to leading the transition to net zero whilst delivering ambitious sustainability goals related to its people, its approach to responsible sourcing and the impact it has on local communities around the world. GKN Automotive is at the forefront of innovation, with origins dating back to 1759. Today, it operates in 21 countries employing around 24,000 people across its core business and joint ventures and is part of Dowlais Group plc, a specialist engineering group focused on the automotive sector. Contact: Shona Inglis, email: gknautomotive-comms@ A photo accompanying this announcement is available at
The Guardian
29-01-2025
- Automotive
- The Guardian
US rival agrees £1.2bn deal for British car parts firm in new hit to UK stock market
The British car parts maker Dowlais has agreed to a £1.2bn takeover by its US rival American Axle & Manufacturing, in the latest departure from the London stock market. The main operation of Dowlais, which has been listed on the FTSE 250 index since 2023, is GKN Automotive, which formed part of the GKN engineering business that was bought by the private equity group Melrose in an acrimonious £8bn takeover battle in 2018. American Axle & Manufacturing will pay £1.16bn in cash and shares for Dowlais as the two companies aim to weather the transition to electric vehicles. The deal is the largest US takeover deal for a UK company announced so far this year, and follows an exodus of London-listed companies during 2024. There was increased transatlantic mergers and acquisitions activity in 2024, according to analysis by the law firm A&O Shearman, which found that the relative strength of US equity markets made the UK an attractive hunting ground for potential bidders. The Dowlais takeover comes just months after the CEO of Dowlais said carmakers' switch to electric vehicles would take longer than expected, as several manufacturers scaled back their EV plans. The companies said that joining together would 'create a leading global manufacturer with the scale, product portfolio, technology and global diversification required to lead and innovate in a transitioning business environment'. Dowlais, which supplies 90% of the world's carmakers, employs about 30,000 people globally. Under the terms of the deal, American Axle & Manufacturing will acquire it for 85.2p a share, a premium of 25% on the UK firm's closing share price on 28 January. Dowlais shares climbed by as much as 11% on Wednesday, before falling back slightly. Dowlais's chief executive, Liam Butterworth, said the deal would create a company which could be a leading supplier as the world 'transitions to electrified mobility'. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Butterworth said last August that European sales of EVs were challenging because of changes to government subsidies and policies supporting the move away from petrol and diesel cars, as the company announced a slide in profits.
