Cosworth, the British company best known for its long and distinguished history as a Formula One engine supplier, is planning on going public in NYSE (New York Stock Exchange) in 2019.
Speaking to Reuters in a telephone interview, Cosworth chairman Kevin Kalkhoven said the company has increased its focus on powertrain and electronics technology in recent years and is ready for an IPO Initial Public Offering).
“We will be able to demonstrate our new product revenue and profit potential in real terms after the close of the first quarter in 2019,” Kalkhoven said. “It’s at that time that we will look to go public.”
According to Kalkhoven, Cosworth has already secured long-term contracts worth in excess of $440 million through 2026, while last year it reported a record revenue of $72.5 million. Key companies which Cosworth is working with include Aston Martin, Honda, General Motors and Porsche.
The company is also expanding its footprint in the United States. In fact, it is investing roughly $50 million into a manufacturing facility in Detroit that will employ over 100 professionals, including scientists, engineers and researchers.
According to some reports, Cosworth is gearing up for a return to its roots and may partner with Aston Martin to develop Formula One engines for the 2021 season, though this is still unconfirmed.
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