One of the most famous names in motor racing goes up for sale this week and other famous names are said to be in the running to buy them out.
Cosworth has been put up for sale this week after its owners Kevin Lalkhoven and Gerry Forsythe decided against going for a stock flotation. The co-owners who bought the company from Ford almost a decade ago are certain that the business, which started up in a small garage in the back streets of London in 1958, will have plenty of interest shown in it, and expect Rolls Royce and GKN to be amongst those vying to snatch the company up.
Current Chief Executive, Tim Routsis, is confident the company will appeal to private or trade buyers and said “We have been paused for the last 18 months and the board has decided that we cannot wait any longer otherwise we risk losing momentum.”
Although the company is now a big player in the aerospace industry it is its association with Formula 1 motor racing where Cosworth made its reputation. Its engines were fitted in no less than 176 cars first passed the post in Formula 1 races and Cosworth notched 20 Indy 500 wins in succession. When Ford unveiled the Ford Escort RS Cosworth in limited numbers in 1992, motor sports fans were quick to purchase car insurance on such a famous name, and enquiries for the car far exceeded production. Unthinkably the company lost the contract to supply Formula 1 engines in 2006 and it was the present owners who quickly diversified the company’s technological knowhow to the aerospace business.
The good news for buyers is that Cosworth has now a foothold back in Formula 1 in association with the HRT and Marussia teams and its aerospace reputation continues to grow.