Steps are now being taken to reduce headcount at Harland & Wolff, as board concludes the company is insolvent
In the City, UK manufacturer TI Fluid Systems has rejected a takeover approach from Canadian rival ABC Technologies.
TI Fluid Systems, which makes products for vehicle manufacturers such as brake lines and fuel systems, has become the latest UK company to receive – and try to fend off – a takeover offer.
The Board of TI Fluid Systems considered the Proposal in detail with its advisers and unanimously concluded that it significantly undervalued TI Fluid Systems and its prospects, and accordingly the Proposal was rejected early last week.
The Board is confident in the strategy and prospects of the Company.
“This quarter presents a tale of two halves with output turning negative and recruitment taking a dip, yet investment remains positive and business confidence continues to climb.
“With an autumn budget and spending review fast approaching, now is the time for government to pick up the pace and deliver on pre-election promises, most notably the publication of a long-term robust industrial strategy.”
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