An independent study has found that GKN contributed a total of £1.3 billion to the UK economy in 2015.
Our UK operations directly contributed £328 million, and GKN and its employees paid £174 million in tax during the year, sufficient to fund over 5,000 nurses. GKN’s supply chains contributed a further £428 million with the Group purchasing more than £500 million in goods and services from UK suppliers. The remaining £526 million was contributed through employees spending their wages in the UK economy.
GKN’s commitment to research and development was also highlighted in the report which found our UK operations invested £85 million in R&D in the year, with nearly 650 employees working on R&D projects. It also estimated that since 2000 GKN has invested a total of £561 million in R&D in the UK alone.
Founded in the UK in 1759, GKN today has 14 sites employing nearly 6,000 people in the country. In 2016 UK sales reached over £1 billion.
Chris Saunders, Director of Group External Relations, said: “GKN is today one of the world’s leading engineering groups and we are proud that our worldwide operations and workforce make such a substantial contribution to the UK economy”.
Oxford Economics used a modelling approach to capture how the Group’s global activities support economic activity in the UK in the report published in Q1 2017.