Mercedes buys control of Ilmor

Mercedes-Benz's parent company DaimlerChrysler has bought a controlling stake in engine specialist Ilmor, the company which builds its Formula 1 engines for McLaren

Mercedes buys control of Ilmor

The move, which has been expected for some time, gives DaimlerChrysler a 55 percent majority shareholding in the company. Previously it owned just 25 percent.

DaimlerChrysler board member Jurgen Hubbert said: "The acquisition of a majority holding in Ilmor and the new structure of Mercedes-Ilmor demonstrate the determination of our company to create even sounder foundations for the activities of Mercedes-Benz in F1 in the long term.

"Following on from the acquisition of a holding in the TAG McLaren Group (40 percent) two years ago, this is yet another step within the framework of a strategy that is pursued by DaimlerChrysler to strengthen and extend the technological competence of the Mercedes-Benz brand in tough global competition in the future."

Mercedes motorsport boss Norbert Haug said: "With this step, our F1 programme is geared up to meet the requirements of the future, also in respect of the changes to the regulations from 2004 on."

Ilmor has built Mercedes' F1 engines ever since the manufacturer re-entered grand prix racing in 1993 with Sauber.

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