Melrose Industries Shares Fall After Chemical Incident at California Plant
Melrose Industries Shares Fall After Chemical Incident at California Plant
Melrose Industries shares fell after the company reported a chemical incident at a plant in California last week that led to the evacuation of parts of the surrounding area. Shares were down 28.10 pence, or 5.5%, at 481.50 pence in early European trading Tuesday.
Incident Details
The aerospace manufacturing company said a thermal issue was found on Thursday at a storage tank containing methyl methacrylate at GKN Aerospace's Garden Grove facility. Methyl methacrylate is used in the manufacture of high-strength aerospace acrylic materials. The company said action was immediately taken and emergency services notified.
Response and Current Status
The Orange County Fire Authority and other relevant authorities have been working at the site since the incident, and the mandatory evacuation area has been significantly reduced. As of 6 p.m. local time on May 25, local authorities confirmed no injuries, leaks, or contamination occurred. GKN is working closely with customers on operational recovery and supply plans.
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