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Engine Maker Cosworth Ponders IPO
Cosworth Group Holdings Ltd., the British powertrain consultancy and developer of racing engines, may launch an initial public offering as soon as 2019.
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Cosworth Group Holdings Ltd., the British powertrain consultancy and developer of racing engines, may launch an initial public offering as soon as 2019.
Chairman Kevin Kalkhoven tells Reuters an IPO in New York City would come after Cosworth is able to report new sales in such areas as hybrid engines and electronic sensor technology. The company reports more than $440 million in current orders through 2026.
Cosworth generated record revenue of $73 million last year. The company also says it is spending more than $50 million on production equipment for a new manufacturing center near Detroit. The facility will employ more than 100 engineers and scientists.
Kalkhoven and Gerald Forsythe bought Cosworth from Ford Motor Co. in 2004 when the two men were co-owners of the U.S.-based Champ Car World Series racing program.
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