Mercedes to acquire 100 percent of Ilmor
DaimlerChrysler AG has agreed terms to purchase Mercedes-Benz's F1 engine partner, Ilmor Engineering, by 2005. The Brixworth, UK, company will operate as Mercedes-Ilmor with immediate effect. The German/US giant recently acquired a majority stake [Sept 17], but will buy the remaining stock from current shareholders Mario Illien, Liz Morgan and Roger Penske. Mercedes-Benz board director Dr Jurgen Hubbert said: "This will strengthen the Mercedes-Benz influence on F1 engine development."
The price has not been disclosed.
Ilmor technical director Mario Illien said: "I am happy to see the foundations Paul Morgan and I created less than 20 years ago being further developed through Mercedes-Ilmor and therefore secured for the long term. This demonstrates great confidence in all our staff who will do everything to justify this confidence."
Norbert Haug, the Mercedes-Benz Motorsport director, said the company will be well placed for future changes in F1 regulations, including a proposed one-engine per meeting rule, due to be introduced in 2004. "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. The capabilities of Ilmor will be even more closely linked to the resources of the DaimlerChrysler Group, thereby expanding the range of options for Mercedes-Ilmor. We are confident that with this step we will succeed in creating an even better foundation for a powerful, cost-efficient and highly responsive F1 engine system."
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