Cosworth engine company put up for sale - The engine suppliers hope to find a buyer in the next six months
Published by Christine
This is F1Minute - Cosworth engine company put up for sale.
Engineering group Cosworth, who currently supply F1 engines to HRT and Marussia on the 2012 grid, have been put up for sale after the company decided to abandon plans for an initial public offering. The IPO has been on the cards for over a year, but has now officially been called off, with Chief Executive at Cosworth, Tim Routsis, telling The Times: “The board has decided that we cannot wait any longer otherwise we risk losing momentum.”
Early reports from within the team suggest there has been some interest but it’s too early to reveal anything at the moment. A spokesperson has reportedly said: “We’re at an early stage of the process and looking to get a wider expression of interest from a number of parties. We would hope from the interest we’re seeing already that the process could be concluded within the next six months.”
Meanwhile, general manager Kim Spearman has previously said of the new 2014 engine regulations: “We’ve been in business for 54 years, much of it in F1. We’ve got passionate people back at Cosworth who want to stay in F1 and we’d like to get there.”
