Audi sells Cosworth Technology
Audi AG has sold its high-performance engine unit Cosworth Technology to Germany's Mahle GmbH. The sale, for an undisclosed sum, will be completed in early January subject to approval from antitrust authorities
Audi bought Cosworth from Vickers Plc in 1998 and sold the Cosworth Racing business to Ford Motor Company, leaving Cosowrth Technology to conduct engine development work for Audi and other customers. Cosworth Technology employs 970 staff at three UK plants and one facility in the United States, and generated sales of approximately £135 million in 2003.
The Mahle Group, headquartered in Stuttgart, is a leading manufacturer of pistons, engine components and filter systems. It has 35,000 employees in 65 production sites around the world and boasted 2003 sales of around £2.5 billion.
"Cosworth Technology, which played a key role in the development of our hugely successful Audi RS6 model, will remain a supplier of powertrain engineering and niche machining and assembly services to the Audi Group," said Dr Jochem Heizmann, Audi AG's production chief and chairman of the supervisory committee of Cosworth Technology Ltd. "Under Mahle's ownership, Cosworth Technology will also be better placed to win new contracts from other automotive OEMs."
Dr Heinz K. Junker, chairman of the Mahle management board, added: "For Mahle, the acquisition of the Cosowrth Technology Group is another module of the long-term company policy towards becoming a supplier of engine technology and engine systems. The two development centres, Cosworth Technology Ltd. in Northampton and Cosworth Technology Inc. in Novi (USA) will ideally contribute to the current development and production know-how of Mahle."
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