MAHLE Acquires Cosworth Technology Group
Stuttgart, December 23, 2004—Effective January 1, 2005, Cosworth Technology Ltd. will become a member of the MAHLE Group headquartered in Stuttgart. Cosworth Technology Ltd. is based in Northampton (UK) and has been owned by AUDI AG. The takeover is still subject to the approval by antitrust authorities.
"For MAHLE, the acquisition of the Cosworth Technology Group is another module of the long-term company policy towards becoming a system supplier of engine technology and engine systems. The two development centers Cosworth Technology Ltd. in Northampton (UK) and Cosworth Technology, Inc. in Novi (MI/USA) will ideally contribute to the current development and production know-how of MAHLE. The same applies to the production locations for cylinder head and engine block machining as well as engine assembly for small-scale production," says Prof. Dr. Heinz K. Junker, chairman of the MAHLE Management Board.
Cosworth Technology Ltd. and its subsidiary Cosworth Technology, Inc. have been 100 % investments of AUDI AG since 1998. The Cosworth Technology Group employs approximately 970 people in three locations in England and one location in the USA. The two companies are geared to the development, production and assembly of engines. Cosworth Technology Ltd. generated sales of ₤ 112 million (approx. EUR 162 million) in 2003; sales of Cosworth Technology, Inc. reached US$ 31 million (approx. EUR 23 million) in the same period.
The MAHLE Group is the worldwide leading manufacturer of engine components and filter systems. With more than 35,000 employees in over 65 production sites, MAHLE expects to achieve sales of more than 3.7 billion in 2004, positioning MAHLE among the Top 30 Tier 1 automotive suppliers worldwide.