Aerospace chief goes in Lucas shake-up
Tuesday 10 October 1995
The managing director of Lucas Industries' aerospace operation, Frank Turner, is leaving as part of a restructuring that will scale back its aerospace interests. It is thought Mr Turner was unhappy about heading a smaller division.
Lucas yesterday posted profits of pounds 30.4m after exceptionals, against a loss of pounds 129.7m last time. Excluding exceptional items, profit was pounds 135.8m, against pounds 84.2m last time.
Aerospace, which now accounts for about 17 per cent of the company's pounds 2.6bn turnover, will diminish further with the planned disposal or closure of its US-based Western Geared Systems division.
Mr Turner is replaced by Ken Maciver, head of braking systems division. Lucas said his departure was not connected to recent US legal action involving Western.
Lucas announced a new structure with five core areas: brakes, diesel systems, electronics, after-market, and aerospace. George Simpson, chief executive, said: "We have closed the history books on major problems and put in place a simplified business structure which will provide a clear focus for our development." Final dividend was maintained at 4.9p, giving an unchanged 7p for the year.
- 1 Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
- 2 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
- 3 The Simpsons death: Creator Al Jean would 'kill himself' before character like Homer or Lisa
- 4 British man raped while urinating in bushes at Oktoberfest beer festival in Germany
- 5 Pope Francis assures atheists: You don’t have to believe in God to go to heaven
Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
Isis an hour away from Baghdad - with no sign of Iraq army being able to make a successful counter-attack
British man raped while urinating in bushes at Oktoberfest beer festival in Germany
Hong Kong protests: Leung Chun-ying denies Chinese troops will help to quell demonstrations
Isis, we are told, is a 'clear and dangerous threat to our way of life'. I’m sorry, but I just don’t buy it
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
'Women, walk wherever you want' posters taken down in Stamford Hill following 'unacceptable' signs separating men and women
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Should gay sex be illegal? 16% of Britons think so
- < Previous
- Next >
iJobs Money & Business
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...
£300 - £330 per day: Ashdown Group: SQL Developer (Stored Procedures) Watford...