Melrose cleared in Garden Grove probe; expects production restart by late September

Melrose Industries’ GKN Aerospace unit at Garden Grove, California, faced no criminal charges after an OCDA probe, a development that steadied investor sentiment. The company said it expects to resume full production by September 28 and will launch a claims programme worth up to $100 million for residents and businesses affected by the evacuation. Consequently, Melrose’s stock jumped roughly 8% to around 500 pence in Tuesday trading as the updates aligned with a market rally. In London, the FTSE 100 rose on Tuesday, helped by lower oil prices and anticipation of Nvidia’s earnings along with U.S. inflation data. Melrose’s gains contributed to the FTSE’s positive momentum while broader indexes also advanced on a market-wide move. Regulators noted ongoing civil matters and insurance considerations, with further updates anticipated as the company works toward full operations and resolution of claims.