gaijin
12-23-2004, 10:22 AM
Audi Sells Cosworth To Mahle GmbH;No Financial Details
Thursday December 23, 4:41 AM EST
BERLIN -(Dow Jones)- Audi AG (NSU.XE), the premium-car division of German firm Volkswagen AG (VOW.XE), Thursday said it is selling British automotive engineering firm Cosworth Technology Ltd. to Stuttgart-based Mahle GmbH for an undisclosed sum.
The deal is effective Jan. 1, pending approval from antitrust authorities.
Audi bought Cosworth from the Vickers Group in 1998.
Audi spokesman Juergen De Graeve said the company sold Cosworth because it believed the British firm had better prospects independent of Audi.
Cosworth, which develops engines on behalf of auto manufacturers, may have lost contracts because it was part of Audi, De Graeve said.
He declined to comment on the price Audi received for Cosworth or whether the sale generated a book gain for the carmaker.
In 2003 Cosworth generated sales of GBP112 million. It employs 970 people.
Mahle is an automotive supplier and makes pistons and other engine components. In 2003 it posted a net profit of EUR95 million on sales of EUR3.25 billion.
Company Web site: http://www.audi.com
-By Chris Reiter, Dow Jones Newswires; +49 30 288 8410; chris.reiter@ dowjones.com
Dow Jones Newswires
12-23-04 0441ET
Thursday December 23, 4:41 AM EST
BERLIN -(Dow Jones)- Audi AG (NSU.XE), the premium-car division of German firm Volkswagen AG (VOW.XE), Thursday said it is selling British automotive engineering firm Cosworth Technology Ltd. to Stuttgart-based Mahle GmbH for an undisclosed sum.
The deal is effective Jan. 1, pending approval from antitrust authorities.
Audi bought Cosworth from the Vickers Group in 1998.
Audi spokesman Juergen De Graeve said the company sold Cosworth because it believed the British firm had better prospects independent of Audi.
Cosworth, which develops engines on behalf of auto manufacturers, may have lost contracts because it was part of Audi, De Graeve said.
He declined to comment on the price Audi received for Cosworth or whether the sale generated a book gain for the carmaker.
In 2003 Cosworth generated sales of GBP112 million. It employs 970 people.
Mahle is an automotive supplier and makes pistons and other engine components. In 2003 it posted a net profit of EUR95 million on sales of EUR3.25 billion.
Company Web site: http://www.audi.com
-By Chris Reiter, Dow Jones Newswires; +49 30 288 8410; chris.reiter@ dowjones.com
Dow Jones Newswires
12-23-04 0441ET