German company buys Cosworth

UPDATE This rumor is upgraded to 'fact.' AUDI AG announced today that it has reached an agreement for the sale of COSWORTH TECHNOLOGY LIMITED to MAHLE GmbH, a leading German Tier 1 powertrain systems supplier. It is expected that the sale of Cosworth Technology will be completed early in January 2005 (subject to regulatory clearance). “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," commented Dr. Jochem Heizmann, Board Member for Production at AUDI AG and Chairman of the Supervisory Committee of COSWORTH TECHNOLOGY LIMITED. “Under Mahle's ownership, Cosworth Technology will also be better placed to win new contracts from other automotive OEMs." MAHLE GmbH, which has its headquarters in Stuttgart, has 35,000 employees in 65 production locations globally and is the world’s leading manufacturer of pistons, engine components and filter systems. AUDI AG acquired COSWORTH TECHNOLOGY LIMITED (headquarters in Northampton, UK), including its subsidiary COSWORTH TECHNOLOGY INC. (headquarters in Novi, USA), in 1998 from Vickers. Cosworth Technology operates from three locations in the United Kingdom and also from the facility in the USA, and has around 970 employees. A leading global provider of integrated engine and powertrain solutions, COSWORTH TECHNOLOGY LIMITED had sales of £112 million and COSWORTH TECHNOLOGY INC. had sales of $31 million during the financial year ending 31st December 2003. 12/23/04 We are hearing that a German company has agreed to purchase Cosworth Technology, not to be confused with the Cosworth Racing that Kevin Kalkhoven and Gerald Forsythe recently bought, though at one time they were all one company. In 1998 Cosworth was acquired by the Audi Group from Vickers with the Engineering, Manufacturing, Casting units (trading as Cosworth Technology Ltd). Racing unit trading as Cosworth Racing Ltd sold to Ford Motor Co.

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