Melrose Industries Share Discussion Threads

[brexitplus] 04/3/2019 15:52

SORRY IF THIS IS BORING - UP TO DATE ARTICLE FROM GKN ePOWERTRAIN SHOWING WHERE GKN ARE GOING AND WHY THEY ARE INVESTING HEAVILY IN ePOWERTRAIN

“Electrification will outpace and outmanoeuvre internal combustion engines to become the dominant powertrain choice. GKN ePowertrain’s eTwinsterX system shows how it can be done.

To make electrification more appealing and affordable, the auto industry needs a different kind of eDrive. The public may be growing more receptive to the idea of electrification and new forms of mobility, but people still need to buy in. Vehicle dynamics has a role to play in this. Unless electrification is more fun to drive, it will not feel like progress to the majority of consumers. They want the efficiency and acceleration that electric motor torque can bring to their driving experience, but few are willing to accept that the additional weight of the batteries may compromise driveability.

GKN ePowertrain could have the solution. The company has pioneered the development of more affordable and dynamic eDrive and torque vectoring technologies and developments have accelerated significantly in the past few years. Having completed the system integration of the all-wheel drive and eDrive for the new Volvo XC90 SUV, developed the industry’s first two-speed eDrive for the BMW i8 and taken the company’s torque vectoring expertise to a different level with the Ford Focus RS programme, where do you go next?

The next step for GKN ePowertrain’s advanced engineering team was obvious, says Dr Rainer Link, Dr Rainer Link, Senior Vice President of Engineering. A first prototype replaced a Volvo XC90 donor vehicle’s eDrive with a single-speed eTwinster electric drive. “The effect on the vehicle’s handling was remarkable,” says Link. “Everybody immediately noticed the difference in its response and stability.”

Taking the efficiency and dynamic benefits to another level, GKN has now developed the eTwinsterX. The innovative eDrive system integrates a two-speed seamless shift transmission, Twinster torque vectoring, and a 120kW downsized electric motor. The system delivers maximum torque of 3,500Nm, vectoring up to 2,000Nm to each rear wheel and is able to operate up to maximum vehicle speeds of around 250kph.


MASS APPEAL

Vehicles can use the eTwinsterX on both axles to create a pure electric all-wheel drive with a huge range of dynamic and safety advantages, but in the short term, eTwinsterX will feature most in axle-split hybrids. Giving vehicles a higher-performance, more intelligent rear electric axle makes it possible to further downsize the combustion engine powering the front axle.

The first applications for the eTwinsterX are likely to be SUVs. Their size, price and relatively high CO2 make them ideal candidates. Replacing their rear drive unit with an eTwinsterX helps existing all-wheel drive architectures to reduce emissions and gives them a practical pure electric mode. The SUV also gains a much higher-performance electric all-wheel drive. “We’re giving some quite heavy vehicles brilliant driving dynamics,” says Link.

TWO SPEEDS WIN

The eTwinsterX’s two-speed concept provides the best overall size, cost and efficiency. Unlike combustion engines, eMotors do not need a lot of gears. Adding a third or fourth speed increases the unit’s size and the complexity of the shifting characteristics, but has no real performance benefits.

A two-speed is enough to ensure the eDrive is never disconnected, so that its benefits are available from the vehicle’s top speed right down to zero. “Our design is the most efficient two-speed arrangement possible,” says Theo Gassmann, Vice President of Advanced Engineering, GKN ePowertrain. “We achieved this by focusing on delivering the highest possible efficiency in second gear, where the eTwinsterX operates for the majority of its time.”

In second gear, the efficiency is the same as a single-speed eDrive. With its shifting clutch locked closed, the system has the same number of gears rotating and meshing and there are no additional plunging or slipping losses. First gear is less efficient than second, but is engaged only during high-torque launches, just 10-15% of the duty cycle.

To achieve the 3,500Nm peak torque target, the design needed a first gear ratio of 1:17. “Packaging restraints meant that the co-axial design could not achieve such a ratio with helical gear,” says Gassmann. “So instead of adding an additional shaft and gear lash that would increase the cost, complexity and losses, eTwinsterX uses a planetary gear, which is set inside the second speed’s intermediate gear.”

The combination of a friction clutch for second and a lockable freewheel for first enables eTwinsterX to provide seamless up- and downshifts on-power with no interruption to the torque. It also minimises the number of moving parts and any clutch losses.

TORQUE VECTORING

Meeting demands for higher levels of electric torque will be no problem for the 3,500Nm eTwinsterX system. Each of the Twinster clutches is capable of channelling 2,000Nm, giving the system more torque vectoring capability than anything currently in production.

“When a large vehicle has more than 3,500Nm at its disposal, it makes sense to vector that torque,” says Gassmann. “Plug-in hybrid and pure electric SUVs have a lot more mass in the rear to manoeuvre. We have made sure the system can fully exploit the traction potential of the rear wheels, on- or off-road.”

The benefits of the system are greatest in corners. As the driver throttles off, eTwinsterX stabilises the vehicle and recuperates kinetic energy. In the corner, the system’s precise control of the yaw moment can provide the reassuring feeling of slight understeer or a more agile and sporty oversteer.

The technology also provides an efficient limited slip function. In any kind of split-mu situation, instead of braking one side of the vehicle, the eTwinsterX just sends the power to the wheel with the most traction. With an axle-split architecture and two independent propulsion systems on board, a range of different dynamic effects and off-road functions can be programmed into the system, says Gassmann.

Electric mode is rear-wheel drive; hybrid is all-wheel drive with variable front-rear balance for optimum energy efficiency; and when coasting on long drives, the eDrive switches off, by shifting to neutral and the vehicle has an efficient front-wheel drive mode.

The eTwinsterX uses torque vectoring to make transitions between these different modes transparent at the steering wheel. The vehicle behaves consistently, transitioning intelligently from understeer to oversteer.

“Software control of Twinster has advanced to the point where the difference with full torque vectoring systems is almost impossible to detect,” says Gassmann. “When it is powered by an electric machine, there are even more opportunities and freedom to tune the vehicle dynamics.”

The eTwinsterX can produce a negative torque to slow the vehicle and, during regenerative braking, the system can use the traction potential of the wheels more effectively than a conventional differential. The eTwinsterX keeps the vehicle stable and increases recuperation on difficult surfaces by controlling the wheels individually.

As a result, the amount of energy available for regeneration is higher and overall efficiency improves. The vehicle is able to recover more energy that it can use for the next acceleration. With two gears, the eTwinsterX can be used to improve efficiency, off-road capability, recuperation, boosting, and dynamics at any vehicle speed and in all conditions.

ELECTRIFICATION ACCELERATED

“The impact on vehicle dynamics is remarkable,” says Link. “The eTwinsterX makes large, heavy vehicles easier to control and position on the road. It responds intuitively to different driving styles: some drivers will have a lot of fun in corners; others will just appreciate the additional stability, traction and controllability. Even in high-speed lane change manoeuvres, its yaw damping ensures large vehicles remain planted and predictable.”

The real question, however, is whether the technology really could help accelerate consumer acceptance of electrification.

For a technology to succeed in mass production it has to be better than the rest of the market – or it needs to offer the same performance at a lower cost. With the eTwinsterX increasing the pure electric range by around 10% on the NEDC, GKN ePowertrain argues that the technology can pay its way. The system can also be used to downsize electric motors, improving packaging space.

The role of electric drives is changing too. The first generation of axle-split plug-in hybrids had power outputs of 60-80kW and 10kW/h batteries, giving vehicles a pure electric range of 30-50km. In the future, smaller, more powerful batteries will give vehicles more range and power – 100-150kW is forecast. As the role of eDrive functions in the driving experience grows, so will the strategic value of technologies like the eTwinsterX.”

[brexitplus] 04/3/2019 13:00

Helm1. I was of course wrong. It’s the Jeep Renegade. It will be interesting to see how the tests go.

I suppose the problems with using 2/4 motors would be balancing performance between wheels, handling, and available mileage on one charge - do you want to run one or 2/4 motors?

With heavy duty trucks, as used in China, I have no idea what the best solution is.

My best guess, and like everyone else it is a guess, is that different types/qualities of vehicle might use different solutions.

Interesting question.

[brexitplus] 04/3/2019 12:55

Helm1

This is what I was referring to.

“The GTD19 is equipped with an optimised two-speed ‘Seamless shift’ eTransmission and smart shifting strategy, which has the potential to extend vehicle range as well as provide greater torque, acceleration and a higher top speed. Efficiency is further enhanced by the GTD19’s eAxle’s coaxial format, while exceptional stability and dynamic performance is possible thanks to the torque vectoring capability of GKN’s eTwinster system.”

[minerve 2] 04/3/2019 12:44

helm1

Good post. Not the quality we are normally subjected to here. ;)

I believe that the drivetrain system will eventually become obsolete. That isn't intended to reflect on GKN in anyway. Electric technology requires much less weight and a heavy drivetrain complete with differentials etc.. isn't going to help. Also, battery technology is moving in a direction that the battery isn't a separate unit like we are used to and is integral to the chassis. Energy is recuperated from wheels on braking and deceleration which means a generator/motor component can be formed at each wheel. Redundancy can be built in which means if a motor fails others can drive the vehicle home in limp mode or the vehicle can operate on a reduced battery charge.

[brexitplus] 04/3/2019 12:40

Helm1

I am not an automotive engineer and don’t know the answer. But did the news release re the Cherokee Jeep system go anywhere near answering you question?

[helm1] 04/3/2019 12:27

As regards the eDrive business, GKN use a "traditional" differential gear platform - and have a very capable product which they are selling currently. Tesla, and others, advocate eliminating the drivetrain, using independently controlled motors on each wheel. I think we don't know yet which way the engineering will go eventually - anyone got any better knowledge on this than I have?

[brexitplus] 04/3/2019 10:35

Yertiz

The Nov 2018 Investec Presentation is very informative

I can’t see Brush being anything but a drain, but the whole FKI investment was very profitable.

The part of Nortek which seems to be doing very well is Security and Control.

Re Auto, the Driveline sales were

Europe (36%),N America (32%), Asia (28%), RoW (4%)

Driveline (73%), All Wheel Drive (25%), eDrive (1%), Cylinder Liners (1%)

As you can see, the eDrive was very small and hence a huge potential market. I see an increase in Asia.

[brexitplus] 04/3/2019 10:28

RENUMERATION FROM THE LAST ANNUAL REPORT

The Committee feels strongly that rewards should be linked to generation and delivery of real returns to shareholders.

• Base salary: Base salaries are considered reasonably conservative in comparison to a market-competitive range for companies of similar size and complexity. Since flotation in 2003, all current executive Directors have received the same annual increases to base salary. In the last eight years these increases have averaged 3%.

• Pension: Pension contributions/salary supplements for executive Directors are payable at the level of 15% of base salary, which is considered modest for a business of the size and complexity of Melrose. No executive Director participates in, or has ever participated in, any Group defined benefit pension scheme.

• Annual bonus: The maximum bonus payable is set at 100% of base salary. All Directors who participate in the annual bonus scheme receive the same percentage bonus. In the last three years, the average percentage of base salary payable has been 91%. The maximum opportunity is deliberately positioned below the median maximum opportunity for FTSE 250 companies.

• Long-term incentives: The Incentive Plan (2012) crystallised on 31 May 2017 and was renewed on equivalent economic terms with further shareholder protections. This renewal was approved by shareholders by special resolution at the General Meeting held on 11 May 2017.


The big bonuses which everyone talks about was crystallised after a 5 YEAR period when Melrose increased in value by £3.6 billion, an annualised increase of 22% per annum. The directors, under the 2012 Incentive Scheme were entitled to 7.5% of this increase.

LETS SEE WHAT CHANGES ARE MADE, IF ANY.

[brexitplus] 04/3/2019 10:23

Just a reminder from the last Trading Update in November

In the Period, Melrose has seen strong revenue growth in Aerospace and Powder Metallurgy with flat revenue in Automotive. Melrose is confident the GKN businesses offer an outstanding opportunity for value creation over the medium term.


Divisional highlights
Aerospace

Aerospace is performing well, revenue was up over 6% on last year in the Period and good progress has been made on margin including improvement in the performance of North America. With an experienced and incentivised management team, the Aerospace business is making the improvements necessary to achieve the acquisition objectives.

Powder Metallurgy

This business has achieved revenue growth in the Period of 9% compared to last year with improved margins. This good momentum gives confidence that the 14% margin target can be achieved in the medium term.

Automotive

In the Automotive division, revenue has been flat in the Period compared to last year despite some well publicised industry factors. Consistent with previous reporting periods, margin was lower but Melrose remains confident that operational improvements identified on acquisition are achievable and will positively impact performance in 2019 and beyond.

Liam Butterworth was appointed CEO of the Automotive division on 5 November 2018. He is assembling a new management team from internal and external sources to significantly enhance the performance of the business.

Nortek Air & Security and Other Industrial

Nortek Air & Security has achieved broadly flat sales compared to last year in the Period. The effects of U.S. tariffs in these businesses are materially confined to Security and Ergotron in respect of their factories based in China, and thus tariff issues for these businesses should not have a material effect on the Melrose Group.

We should also hear about the arrival of Peter Dilnot.

[yertiz] 04/3/2019 10:15

Also need to hear of improvements at Nortek/Ergotron. After all, this is part of what the BoD get their bonuses for. Nothing from Brush for quite a while, is this a dead duck?
Anticipating good sound bites from the company, judging by the share price rise, so is Mr Market.

[brexitplus] 04/3/2019 09:54

Senior results today may give pointers to what to expect from GKN. Aerospace strong, vehicles (Senior mainly in trucks) less certain.

I hope to hear that GKN’s leadership in electric vehicle transmissions will to some extent balance out the drop in diesel vehicles, particularly in China.

A recent news release included

“Within the last year, we have seen a 40% increase in the value of our eDrive order book, rising from £2 billion at the end of 2017 to confirmed business now worth £3 billion. Our dedicated focus on production and development of electrified drivelines will enable us to support the rapid acceleration in demand for BEVs equipped with all-wheel drive systems in the coming years.”

Also, over the weekend it was reported that Jaguar Landrover is expected to invest heavily in the U.K. in electric vehicles. GKN already, of course, works closely with JLR in the electric vehicle sector.

Also hope to hear that GKN Powder Metallurgy is going from strength to strength.

[meanwhile] 04/3/2019 09:48

getting,
all that other stuff (director bonuses, carpet cleaning) aside, are you able to work out yet how much my wealth increases when MRO rise 3.8 pence? All you need is a calculator and a single number, x.
Are you able to do it? Try a few example values of x.

[meanwhile] 04/3/2019 09:30

Contained within the results document on Thursday, I expect to see further justification for the bonuses earned last year. So I, and all those other sceptics of these payments, will be able to say :-

"Ah, right, that's what they each got the £50 Million for".

[brexitplus] 04/3/2019 09:27

Yertiz, Smithson interims published this morning. Interesting range of investments, including Halma.

I expect the Fundsmith Equity ASM proceedings video to be posted on the website in the next few days. Terry Smith always entertaining!!!

[meanwhile] 04/3/2019 09:15

Goodbye dirty carpets. Hello spring cleaning.

BACTERIA, FUNGI, MOULD, DUST MITES and other ALLERGENS may have built up in your household carpets over the winter from muddy shoes or paws that can't be removed from vacuuming alone.

Ensure your carpets are ready for spring with a Vax Carpet Washer.

[brexitplus] 04/3/2019 08:29

Thanks Yertiz. X it is.

I’ve done very well with Syncona. Great team, excellent choice of investments. Looking forward to the annuals.

On the Syncona board someone is asking about NVCR, which appears to be a bit like AVO.

[yertiz] 04/3/2019 08:25

Morning B+. Syncona deal 4.5%? Surely you mean 4.5 X, lol! Nice deal, great returns.

Porky has lost the plot (again), he obviously thinks the profits generated by a football team are a measure of success but that's not what football is about. In my day it used to be a competitive SPORT and why I only ever support Argyle and not some prima donna 'Premiership' foreign owned/sponsored conglomerate whose driver is TV time and to hell with the fanbase. Success is measured by silverware - Liverpool's dusty old cups are getting lonely in their cabinet. But he's probably right, most Premiership supporters, especially the 'plastics' are Morons! Lol.

Good start to the day, its going to be an interesting ride this month!

[brexitplus] 04/3/2019 08:06

Morning Yertiz.

Syncona first large sale of invested company, Nightstar, at 4.5x multiple of original cost. I’m pleased.


Porky is funny. Any real Liverpool supporter would be talking about Pitchford’s save from Salah. Porky can only talk about the medium term development of infrastructure. And effectively calls The Liverpool supporters morons.

[minerve 2] 03/3/2019 22:09

Good night Brexit. You will have to troll to yourself.

[brexitplus] 03/3/2019 22:08

Some fan you are.😂㈳4;😂😂

[minerve 2] 03/3/2019 22:07

I'm not really interested in what other fans may or may not want. They aren't going to be a bunch of intellects are they. I'm happy, that is what matters to me.

[brexitplus] 03/3/2019 21:59

Talking of a lot of wind

I’m sure all the Liverpool fans are very happy to wait another 10 years for the next piece of silverware, safe in the knowledge that Fenway Sports Group are making a fortune out of them.

😁😁😂😂8514;😂ԅ14;

[gettingrichslow] 03/3/2019 19:40

Klopp is blaming the wind!
ROFLMAO!!